Vermont Bankruptcy Lawyer - Bankruptcy Attorney

What is a creditor's meeting? What can I expect will happen there?

A "meeting of creditors" is held in every bankruptcy case. The debtor must attend the meeting; in many cases it is the only meeting or hearing that the debtor must attend. It usually occurs between twenty and forty days after the date you file the original petition with the court. In chapter 7, chapter 12, and chapter 13 cases, the meeting is conducted by the trustee whom the United States Trustee has assigned to your case. No bankruptcy judge is present at the meeting. In chapter 11 cases, where (usually) the debtor is in possession and no trustee is assigned, a representative of the United States Trustee's office conducts the hearing. The hearing permits the trustee or representative of the United States Trustee's Office to review the debtor's petition and schedules with the debtor face-to-face. The debtor is required to answer questions under penalty of perjury concerning the debtor's acts, conduct, property, liabilities, financial condition, and any matter that may affect administration of the estate or the debtor's right to a discharge. This information enables the trustee or representative of the United States Trustee's Office to understand the debtor's circumstances and facilitates the efficient administration of the case.

The section 341 hearing is referred to as the "meeting of creditors" because creditors may attend and question the debtor about the location and disposition of assets and any other matter relevant to the administration of the case. However, creditors are not required to attend these hearings and, in general, do not waive their rights by failing to appear. The hearing usually lasts a few minutes. The trustee or representative of the United States Trustee's Office may continue the hearing if he or she is not satisfied with the information the debtor provides. If the debtor fails to appear, the trustee or representative of the United States Trustee's Office may request that the Court dismiss the bankruptcy or that the Court order the debtor to cooperate or be held in contempt of court for willful failure to cooperate.

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