What Happens At The Meeting Of Creditors?

Upon filing a bankruptcy petition, every case is assigned a Section 341(a) Meeting of Creditors as required by the Bankruptcy Code. This Meeting of Creditors is a procedural requirement for every case whereas an appointed trustee is able to ask the debtor specific questions about their bankruptcy petition, assets, creditors and income, and any creditors have the ability to ask questions about the debtor’s bankruptcy petition as well. While named Meeting of Creditors, this meeting is primarily for the appointed trustee to make sure that everything in the petition is clear and accurate. Creditors have the opportunity under Rule 2009 to request a deposition to further question, audit and examine the debtor and their petition.

Similar to a chapter 7 meeting of creditors, the Trustee conducts the majority of the examination with the opportunity by the creditors to follow up with questions. The requirements for the Chapter 13 Meeting of Creditors (1) an orginal government issued identification card, (2) an original social security card , (3) copies of the last year tax returns were filed, (3) payment or proof of payment on the chapter 13 plan, and (4) any declarations needed for your case (i.e.: Post-Petition Pre-Confirmation Deed of Trust Payments - Used for debtors with real property).

General questions and procedure at the Section 341(a) Meeting of Creditors are as follows:

1. The meeting starts with swearing in the debtor(s)
2. State your name and current address
3. Is everything in your bankruptcy petition true and correct?
4. Are there any errors or omissions?
5. Have you filed for bankruptcy before?
6. Have you made any transfers of property or value $1,500 in the last 4 years?
7. Are you current with your home loan and car payments?
8. Have you filed taxes for the past 4 years

The trustee can also ask additional questions and requests upon any specific case at the Section 341(a) Meeting of Creditors. Usually, during the course of the meeting, the Trustee would indicate any objections or issues they have with the plan of reorganization or information in the petition. Should it be necessary, the trustee can continue the 341(a) Meeting of Creditors.

Failure to appear at this Meeting of Creditors by the Debtor will result in a dismissal of the case on or before the confirmation hearing.