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What happens during the meeting of creditors?

On Behalf of | Oct 24, 2015 | Chapter 13

When you file for Chapter 13 bankruptcy protection in Tennessee, you will be required to attend what is called the meeting of the creditors, or a 341 meeting. According to the United States Bankruptcy Court for the District of Columbia, this is a meeting that occurs between you, your creditors and the trustee assigned to your case. If you are filing for bankruptcy with your spouse, both of you must come to this meeting. Failure to do so could lead the trustee to ask the bankruptcy court to take legal action against you or dismiss your bankruptcy filing.

Creditors have the option to attend this meeting. If they do show up, you may be asked questions from them that are related to your financial situation and your assets. In addition, you will also need to answer certain questions from the trustee. These questions may cover the following matters:

  •          Your understanding of the bankruptcy process
  •          Your financial condition
  •          Your assets and property
  •          Your conduct in meeting your financial obligations such as credit card debt
  •          Any liabilities that you may have

It is important that you tell the truth during this meeting because you are under the same oath as you would be in a courtroom. It also enables the trustee to make decisions that can benefit you. For example, if you are not sure about an administrative portion of the bankruptcy process, the trustee can take steps to help you. If you are not truthful, the trustee could ask the court to charge you with perjury.

Creditor meetings usually occur relatively quickly after you file your petition and while they usually take less than a half-hour, the trustee does request the right to set a continuance. This information is purely for educational purposes and should not be taken as legal counsel.


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