Who Shows Up At The Meeting Of Creditors In Colorado?
For my clients, it is one of the most nerve wracking aspects of the personal bankruptcy process: the meeting of creditors, otherwise known as the 341 meeting (for the section of the Bankruptcy Code it comes from).
I think they sometimes envision a public flogging, where all of their creditors have the opportunity to scold and shame them.
That picture couldn’t be further from the truth. In most cases, the truth is much more mundane. It’s true that the Bankruptcy Code allows creditors to appear and ask questions about the filer’s financial circumstances. In probably 95% – 97% of cases, no creditors show up. Visa, Wells Fargo, Best Buy, and other common consumer creditors are not going be at your creditors meeting. These creditors receive thousands of notices of bankruptcy filing every week.
More commonly, I see ex-spouses or friends of my clients who show up. These are people who unsure about the bankruptcy process and don’t understand what their rights or obligations are. They are also people who take the prospect of their debt being eliminated very personally. Sometimes, they just want to vent. When ex-spouses and friends with hurt feelings show up, things can get interesting.
More often than not, though, the creditors meeting is completely uneventful. It’s mainly an opportunity for the trustee to have you answer questions about your petition while you’re under oath. An experienced attorney should prepare you for the questions and let you know if she expects the trustee to ask any questions that vary from his script.
If you have any questions about the bankruptcy process in Colorado, we hope you’ll come in for a free, no-obligation consultation. You can set up an appointment using our online scheduling system or by calling 303.331.3403.
