Can you please explain what the creditor meeting is?

Asked over 4 years ago - Riverside, CA

would like clarity about the meeting and what it is all about.

Attorney answers (5)

  1. Timothy William Combs

    Contributor Level 13

    1

    Best Answer
    chosen by asker

    Answered . Soon after a Bankruptcy Petition is filed, a formal meeting is held so that creditors and the U.S. Bankruptcy Trustee can make inquiries about the debtor’s financial situation. THIS MEETING IS REQUIRED by Bankruptcy Code section 341(a). The meeting is presided over by either the U.S. Bankruptcy trustee assigned to the case and/or a representative of the U.S. Trustee’s Office.

    A debtor who is an individual MUST ATTEND the 341(a) Meeting in person and MAY HAVE AN ATTORNEY PRESENT. If a debtor is a corporation or partnership, the debtor’s Attorney and a responsible officer of the business MUST ATTEND the meeting. IF A DEBTOR DOES NOT ATTTEND THE 341(a) Meeting, the BANKRUPTCY CASE MAY BE DISMISSED.

    Disclaimer: This Post does Not create an attorney-client relationship and does Not constitute legal advice. Do not act, fail to act or otherwise rely on this Post. This Post is for general informational purposes only. Consult a licensed attorney in your jurisdiction.

  2. Timothy William Combs

    Contributor Level 13

    Answered . Good point Attorney Myers

  3. Stanley Duane Lockhart

    Contributor Level 14

    Answered . There is a standard list of questions that the Tee will ask assuming all Forms and schedules are in order and as expected. It is usually a very low key, no pressure question and answer period of 5-6 minute under oath and penalty of perjury. Soooooo, as long as you have disclosed everything, debts, assets, income, transactions and provide the required documentation....NO PROBLEM.

    Ask your attorney for a copy of the questions generally ask.

  4. Andrew Daniel Myers

    Contributor Level 20

    Answered . Attorney Combs' answer is a good one. So, I would only add that under the U.S. Bankruptcy Code, you are required to submit certain materials to the Trustee 10 days before the 341 meeting. These materials include your pay stubs (or "payment advices) and the last federal tax return that you filed, with the W-2 and 1099 forms that went with it.

    This answer is provided for informational purposes only. Actual legal advice can only be provided in an office consultation by an attorney licensed in your jurisdiction, with experience in the area of law in which your concern lies.

  5. Mitchell Paul Goldstein

    Contributor Level 20

    Answered . It is called a meeting of the creditors, though they rarely show up. Creditors have the opportunity to appear to ask you questions about property and other information that you disclosed in your petition.

    You must provide the last 60 days of paystubs, the last year's tax return and a statement saying whether you anticipate any significant changes in income or expenses in the next 12 months (this last part can and should be done on the petition itself).

    The trustee may require a questionnaire as well. Fill it out and be honest. This is a federal hearing in which you are questioned under oath. Having an attorney is a good idea as local practices vary.

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