What is a Meeting of Creditors?

The meeting of creditors is provided pursuant to this Section 341 of the United States Bankruptcy Code. The meeting is often referred to as the 341 meeting of creditors or your bankruptcy court date. At the meeting of creditors, you along with your attorney are going to be present in front of either a Chapter 7 or a Chapter 13 trustee. The purpose of the meeting is to administer any assets in a Chapter 7 that are administrable and in a Chapter 13, to verify that you are putting all of your disposable income towards your Chapter 13 repayment plan.

At your meeting of creditors, you are going to be sworn in. You’re going to have to show identification and proof of your Social Security card. Once you are sworn in, you are going to be asked a series of questions based on the information provided in your documents. For example, the trustee is going to ask if you signed the documents under all penalties and perjury, if you listed all of your assets and all of your liabilities and did you answer truthfully to the statement of financial affairs.

In a typical Chapter 7 bankruptcy case, the meeting of creditors will last anywhere from 5 to 10 minutes with a finding of no assets in the overwhelming majority of cases. In a Chapter 13, the meeting of creditors will last for approximately 10 to 20 minutes with the trustee possibly wanting additional verification of income or expenses and things of that nature.

The meeting of creditors is nothing that you need to be afraid about or fearful about. Not only will we be with you guiding you through the process, but it really is not a trick question type of situation. You are simply verifying the information contained in your schedules which you have already provided to your attorney prior to filing. Provided you provided information that was true and accurate to your attorney, you are simply stating the truth in your meeting under all of these of perjury and under oath.

At the Maryland Bankruptcy Center, we will assist you in getting you ready for your meeting, making you feel comfortable with your meeting and making sure that any amendments that have to be done are done in a timely manner so that your case proceeds accordingly under either Chapter 7 or Chapter 13 bankruptcy.

If you are looking for an attorney to help you file for Chapter 7 or 13 bankruptcy in Maryland, call the Maryland Bankruptcy Lawyers at the Maryland Bankruptcy Center today. Our number is (410) 766-4044, and our phones are answered 7 days a week, 24 hours a day, and e-mails are responded to immediately.

David L. Ruben