5 Requests To Expect At Your Bankruptcy Creditors Meeting
One key step in your bankruptcy case is the meeting of creditors, or the 341 meeting. What should you expect to be asked for when you attend yours? Here are a few of the most likely requests and why they matter to your case.
To Verify Your Identity
Don't forget to bring your required identification documents with you to the meeting. The 341 meeting begins with a formal verification of your identity. If you cannot provide this, the meeting may be postponed.
To Answer Under Oath
Each debtor attests to the details of their case under oath before the trustee, who represents the court. This may be uncomfortable or intimidating for many ordinary Americans.
To Confirm Nothing Has Changed
Once you are placed under oath, the trustee will ask a variety of standard questions to confirm the basics of your case. They may ask you to confirm that you understand the contents of your filing and forms, that you included all your assets, or that you aren't still owed any money not accounted for.
In addition, the trustee may ask a few questions relevant to your particular case. For instance, if there is a specific large dollar transaction on your records, they may ask you to explain it under oath.
To Answer Creditor Questions
When the trustee is done, they allow time for any creditors who are participating to ask questions of their own. Few creditors actually show up for most 341 hearings. But those who do usually have some sort of unusual vested interest, such as holding a loan secured by some asset or having a personal relationship with the debtor.
The court expects you to truthfully answer any relevant questions by creditors who may want to know where a secured asset is or to inquire about your repayment plan. However, vengeful and angry creditors can't simply vent their frustrations either.
To Attend a Follow-Up
Most 341 meetings go fairly quickly and are settled in one session. However, in some situations, not everything can be finalized at one time. This often occurs if some additional document must be provided or you need time to do a point of additional research. If this happens, the trustee will extend the meeting to another session and you must appear again.
Where to Learn More
Are you worried about your meeting of creditors? Not sure how to answer specific questions about your case? Nervous to be under oath? Start by learning more about the bankruptcy process and the 341 meeting. Meet with a local bankruptcy attorney in your state today to begin.
