What Happens At The Meeting Of Creditors?

Within 20 to 40 days after your file your Greensboro Chapter 7 Bankruptcy or Durham Chapter 7 Bankruptcy, a meeting of creditors is held.  The purpose of the creditors meeting is for you the debtor to provide information to all of the creditors listed on your Chapter 7 Bankruptcy petition and to the Chapter 7 Trustee concerning your financial condition as well as the information you provided in your Bankruptcy petition such as your income and assets. It is important to note that a Bankruptcy Judge will not be present at your creditors meeting.

Depending on the location of your residence, your meeting of creditors will be held at the location that is most convenient for you and your creditors. You or your Greensboro Bankruptcy Attorney or Durham Bankruptcy Attorney will receive written notice of the time and place of the creditors meeting from the Bankruptcy Court.

While one of the main purposes of the meeting of creditors is to allow your creditors the opportunity to ask you questions about your debts, income, and assets, most of the time no creditors or representatives will appear at the meeting.

The Chapter 7 Trustee will call your meeting, begin recording your meeting, and then you will be placed under oath. The Chapter 7 Trustee will then begin asking you basic questions regarding your place of residence, your job, and general questions about your debts.  Typically, the Trustee will conclude his or her questioning after 5-10 minutes. However, if there is a complication with your petition or your Greensboro Bankruptcy case or Durham Bankruptcy Case is complex, the Trustee’s questioning could last longer.

Before your meeting you should make sure to prepare by doing the following:

  • Review all of your Chapter 7 Bankruptcy Schedules, familiarize yourself with your assets, debts, and creditors.
  • Review your Statement of Financial Affairs
  • Be prepared to explain why you are experiencing financial difficulty
  • Be prepared to explain how you determined the fair market value of your assets
  • Bring with you to the meeting two forms of identification such as your driver’s license, passport, or social security card.

Most importantly, you should focus on answering the Trustee’s questions as truthfully and knowledgeably as possible. Your Greensboro Chapter 7 Bankruptcy Lawyer or Durham Chapter 7 Bankruptcy Lawyer will meet with you prior to your creditors meeting to make sure you are prepared and answer any questions that you may have.

If you have any questions about about the 341 Meeting of Creditors in your Chapter 7 Bankruptcy, you can call one of our Greensboro Bankruptcy Attorneys or Durham Bankruptcy Attorneys at (888) 820-5885. You can also email our Durham NC Bankruptcy Attorneys and Greensboro NC Bankruptcy Attorneys at info@kregerthacker.com. All phone calls and emails will be answered the same day, free of charge by a Durham Bankruptcy Attorney or Greensboro Bankruptcy Attorney.