Everyone who files for bankruptcy has to attend a Meeting of Creditors. This meeting is also commonly referred to as the 341 meeting, because the requirement to attend this meeting arises from Section 341(a) of the United States Bankruptcy Code. The hearing will take place approximately 30 days after the case is filed. Though it is referred to as the Meeting of Creditors, creditors rarely actually appear. However, if creditors do appear they are allowed to ask you questions.
Most 341 meetings last approximately 5 minutes and consist of the Trustee asking a series of standard questions to make sure that your paperwork is accurate and that you have disclosed all of your assets. The meeting is an opportunity for you to make the Trustee aware of any information you forgot to include in your bankruptcy paperwork.
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You will be sworn in at the beginning of your hearing and you will be testifying under oath. The Trustee will expect you to be familiar with the information contained in your bankruptcy paperwork, so it is always a good idea to review the documents immediately prior to the meeting. This also gives you a chance to ask your bankruptcy attorney any questions you may have.
Make sure to speak with your attorney a week prior to the hearing to discuss what documentation you are responsible for bringing with you to court. You will need to present a valid picture ID and proof of your social security number in order to testify. Most Trustees will want to see bank statements showing the balance in your bank accounts on the day your case was filed and a copy of your most recently filed tax return.
This may seem very overwhelming to you, but you shouldn't feel scared. An experienced bankruptcy attorney can guide you through the entire process.
Hiring an attorney and jumping through a few hoops is a small price to pay to get a fresh start.
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