What is a First Meeting of Creditors?
The First Meeting of Creditors is a hearing held by the trustee in the bankruptcy court to start the administration of your case. During the hearing you will be called upon to testify under oath and will be asked questions about your assets, your debts, and any other matters that may affect the settlement and administration of your bankruptcy estate. The trustee will probably want to examine your cancelled checks and bank statements for the past year and your income tax returns for the past three years.
In order to fulfill that law governing bankruptcy you must attend a “hearing” called a 341 creditor’s meeting. This meeting is not in a courtroom, it is not before a judge. This is not an adversarial forum where you will be cross-examined as to why you have filed bankruptcy. Your attorney will be present to help you with any questions. At this meeting you will meet the Trustee assigned to your case and will be sworn to tell the truth. You will also be asked to testify that the documents that you have filed with the court are true and accurate. In addition, this meeting is intended to give the Trustee an opportunity to ask you any questions regarding your documents. Also, any creditors can ask questions, but it is rare to have a credit appear at one of these meetings. As your attorney, my job is to help you through this meeting and help you to answer questions. A normal creditor’s meeting last between 2 to 5 minutes. Of course, this varies depending on the complexity of your bankruptcy
