What is the Meeting of Creditors?

Bankruptcy is a very document-heavy, and, sometimes complex process. One aspect of filing for bankruptcy is what is known as the meeting of creditors. This meeting is when you, your attorney, a trustee, and creditors determine whether you qualify for bankruptcy. While the meeting may seem like a rather daunting task, it does not have to be–with the help of an experienced attorney and a bit of self-education, you’ll be ready to take it on. Here are some of the questions you may have:

What do I need to bring to the meeting of creditors?

Before you attend your hearing, you must ensure you bring the following documents and paperwork:

  • Social Security card (or a tax return, W-2 statement, or a military identification card that has your SS number on it)
  • Photo ID
  • Bankruptcy papers
  • Pay stubs
  • Documentation relating to your expenses under the means test
  • Car registrations and car loan statements
  • Property valuations
  • Bank statements
  • Mortgage documents
  • Proof that you have car or home insurance
  • Any other documents the trustee demands you bring to the meeting of creditors

What questions will I be asked at a 341 meeting?

The purpose of the meeting of creditors is to see whether you truly need to file for bankruptcy. The trustee will ask you several questions regarding your financial status, including whether you are expecting an inheritance, tax refunds, whether you have any investment accounts, how much money you make yearly, whether you own a business, whether you have filed for bankruptcy in the past, and more. An experienced attorney can ensure you are prepared to answer any question a trustee will ask.

How long is the meeting of creditors?

The meeting of creditors is generally no longer than 10 minutes, so with a knowledgeable attorney by your side, you do not have to worry. The term “meeting of creditors” makes many people nervous, however, as long as you are prepared, you have nothing to fear.

What will happen after the meeting of creditors?

Once the meeting has taken place, the court will issue orders. For example, the court may require that you, the debtor, disclose certain information to the trustee, or the court may demand you turn over certain properties or other assets. Failing to do so will most likely result in the dismissal of your case.

Contact our experienced New Jersey firm

Before taking legal action, it is important to discuss your legal matter with an experienced attorney. Divorce means a significant change in your life, which is why you need an experienced and compassionate attorney who can help make the transition go as smoothly and seamlessly as possible. If you need a knowledgeable attorney, please do not hesitate to contact The Radol Law Firm to discuss any divorce and family law matters you may be facing.