Of all the things that seems to intimidate my clients about bankruptcy, the “meeting of creditors” (also called the “341” meeting after the Bankruptcy Code section that sets forth its requirement), is near the top of the list. The meeting of creditors is the only appearance that most of my clients will ever make during their bankruptcy process. Here are some things you should know that should make your visit less worrisome:
- It is not held in a court room. In Denver, it is held in one of two rooms on the first floor of the bankruptcy court that has several rows of chairs and a table for the trustee and debtors at one end of it.
- There will not be a judge. Judges are not allowed to attend the meeting of creditors.
- You must have a picture ID. Make sure you bring a driver’s license or some other government issued identification.
- You must have your Social Security card or some other government document with your complete social security number. W-2s and military IDs are acceptable.
- It is a public meeting, and the room will be full of people who are also filing bankruptcy. Most people are more concerned with what’s going on with their case than listening to your meeting.
- Most of the time, creditors do not show up. Ex-spouses often show up since they want to know how your bankruptcy will affect them. If you’ve been hiding something like a boat or an RV the creditor will probably show to ask you where it is. Remember, you are under oath. If you don’t answer truthfully, you could get into trouble for perjury. As long as you have fully disclosed everything on your bankruptcy petition, you shouldn’t expect any surprises at the meeting.
The meeting is primarily a chance for the bankruptcy trustee to ask you some questions. The trustee’s job is to make sure that if there are any assets that can be distributed to your creditors, that is done. The trustee will call you and your attorney up to his conference table, swear you in, and then ask about a dozen questions. He uses a script and will ask things like your name, address, employment, and whether you read your bankruptcy petition. Our job is to make sure you’re prepared for the meeting of creditors and know what to expect. We will be with you, and can help you get through the meeting. Most of the time it’s a routine five minute meeting. After that you have to take the financial management class and wait for the objection period to expire. You’ll get your discharge order about 60 days after the meeting.
If you have any questions about the bankruptcy process, you can schedule a free, no-obligation consultation with an experienced Colorado bankruptcy lawyer. You can use our online scheduling system or call 303.331.3403 to set up a time that is convenient for you.