Once you have filed a bankruptcy petition with the bankruptcy court in your area, you will receive a notice from the court about a meeting between you, your attorney, the trustee assigned to your case, and any creditors who are interested in attending. The meeting, called a 341(a) Creditors Meeting after the section of the Bankruptcy Code, is generally scheduled between 20 and 40 days after filing your petition.
The 341(a) Creditors Meeting is generally the only meeting held in the disposition of your case. For the most part, it will be you, your attorney and the trustee. It is not often that creditors will attend, but they may. The meeting is not one where you are on trial in any way, but is instead a fact-finding meeting. Your petition to the bankruptcy court will have been reviewed by the trustee and any questions that have arisen will be asked of you.
During the meeting, the trustee will ask you a number of questions that you must answer truthfully. All of your answers will be a matter of record, as the 341(a) Creditors Meeting is documented through a written or audio transcript. You will be asked to present identification, such as your photo ID and Social Security card, and may need to provide bank account statements from the date the bankruptcy was filed. The trustee will ask if you are familiar with all the documents presented to the court and if you are familiar with their contents.
You do not have to justify filing for bankruptcy. The 341(a) Creditors Meeting is held in order to ensure that all the facts are on record. You will be asked questions to check the accuracy of the petition, such as your name and address. Other questions about your assets, your income and the petition may be asked. Our office mails the questions which will be asked to our clients, and calls to review the questions as well, prior to the meeting.
During the meeting, you will be under oath, so you must answer all questions fully and honestly. If you are found to have misrepresented your financial situation, a creditor is entitled to file a motion or adversary proceeding against you in the bankruptcy court.
The 341(a) Creditors Meeting takes less than 15 minutes and is not only a time for the trustee to ask questions and verify information but also a time for you and your attorney to ask any questions you may have. Again, this is not an adversarial event, but merely a meeting to clarify all the information present.
If you are considering filing a petition for bankruptcy and want more detailed information on what happens during the 341(a) Creditors Meeting, contact our Nebraska Bankruptcy attorneys today at 308-872-8327 to schedule your free consultation.