What happens at the creditor’s meeting?
Sometimes called a “341” for the section of the Bankruptcy Code that describes it, all debtors must attend a meeting of the creditors. This gives the Trustee – and any creditor who wishes to attend – a chance to review the petition and schedules and ask the debtor questions under oath. The Judge is not present, but the debtor is sworn in and answers the questions under penalty of perjury. Notice of the meeting is given to all creditors, who may also attend and ask questions, though their attendance is not required. In a Chapter 7 case, the Trustee generally asks questions regarding the debtor’s financial status, assets and liabilities, and the debtor’s intentions. In addition to questioning the debtor, a secured creditor may request that the debtor reaffirm a debt. Within limits, the debtor may request that the meeting be rescheduled, but the debtor may not refuse to attend. The case may be dismissed if the debtor fails to attend a meeting of creditors.
