As I have written before, probably the most nerve wracking part of bankruptcy for most of my clients is having to go to the meeting of creditors (also sometimes known as the 341 meeting, named after the section of the Bankruptcy Code that lays out its requirements). Let’s face it, it has a scary name: meeting of creditors. It conjures up images of creditors showing up, wagging fingers, and making accusations. The fact is that in most cases, creditors simply do not show up.
The meeting of creditors is a fairly informal proceeding. It is not held in a courtroom and there will not be a judge there. Section 341(c) of the Bankruptcy Code prohibits the judge from appearing: “The court may not preside at, and may not attend, any meeting under this section including any final meeting of creditors.” It is mostly just a routine meeting between the debtor and the trustee, in which the trustee uses a script to ask about a dozen questions. He or she wants to make sure that you read and signed the petition and that there have not been any changes since you filed. Of course, it is also an opportunity for the trustee to sniff out anything she sees as suspicious. Nevertheless, your attorney should be able to anticipate any unusual questions and make sure you are prepared for them.
If you have any questions about the bankruptcy process, you should talk to one of the Colorado bankruptcy attorneys at Colorado Bankruptcy Law Group, LLC.