The meeting of creditors (or 341 meeting), is usually the only time a debtor will have to appear in bankruptcy court. In the Colorado bankruptcy courthouse, these meetings are held in two rooms on the first floor of the bankruptcy court. Judges are prohibited from attending the meeting.
While this is a chance for creditors to show up and ask questions, it doesn’t happen very often, and when it does it is usually to ask questions about where certain property that they may have made a loan for is located, or to ask about the transfer of certain property. Ex-spouses also like to show up and ask how the bankruptcy affects them.
The meeting of creditors is also a chance for the trustee to ask you questions about your bankruptcy. You will usually only spend about three to five minutes in the “hot seat,” and for most people it is a pretty forgettable experience. Of course, depending on your individual circumstances, the trustee may have additional questions, but below is a list of standard questions that the trustee asks everyone:
- Please state your name and address for the record.
- Did you sign the petition, schedules, statements, and related documents and is the signature your own?
- Did you read the petition, schedules, statements, and related documents before you signed them?
- Are you personally familiar with the information contained in the petition, schedules, statements, and related documents?
- To the best of your knowledge, is the information contained in the petition, schedules, statements, and related documents true and correct?
- Are there any errors or omissions to bring to my, or the court’s, attention at this time?
- Are all of your assets identified on the schedules?
- Have you listed all of your creditors on the schedules?
- Have you previously filed bankruptcy?
- What is the address of your current employer?
- Is the copy of the tax return your provided a true copy of the most recent tax return you filed?
- Do you have a domestic support obligation?
- Have you read the Bankruptcy Information Sheet provided by the United States Trustee?
Although the meeting of creditors is the scariest part of the bankruptcy process for many of my clients, they leave it wondering what they worried about in the first place. If you have any questions about the bankruptcy process, you can meet with an experienced bankruptcy lawyer for a free, no-obligation consultation to learn more. You can make an appointment using our online scheduling system or by calling 303.331.3403 to set a time that is convenient for you.