Creditors Meeting in Bankruptcy
If you're considering a bankruptcy filing, you're probably wondering about what to expect during the course of your case. One important part of every bankruptcy case is the creditors meeting, which usually occurs about 30 days after you file your petition with the court.
While facing your creditors head-on may seem intimidating, you don't have to go through the process alone. To connect with a bankruptcy lawyer and ask your specific questions about the meeting of the creditors, please fill out this form. You can arrange a free, no-obligation consultation today.
Meeting of the Creditors FAQs
Many people worry about what will be expected of them at the creditors meeting, but filers who have filled out their forms honestly and completely shouldn’t have anything to fear. Here are some common questions and answers about the meeting of the creditors.
- Who goes to the meeting? You must attend this meeting. Additionally, your bankruptcy trustee will be there. Each of your creditors will be invited, but many creditors usually do not attend.
- Will I have to explain myself? Not in so many words: you will not be asked at the creditors meeting to offer justification for your decision to file for bankruptcy protection. You will have to answer some questions, though.
- What kinds of questions will I have to answer? Your bankruptcy trustee will likely ask you questions regarding the completeness and accuracy of the information you put in your bankruptcy petition and related forms (called "schedules"). Typical questions might relate to whether you included all your debts and assets and whether you wish to make any changes to the paperwork you've filed.
- Will I be under oath when I answer these questions? Yes.
- Can my creditors ask me questions? Yes, although because of time restraints, no single creditor can question you for too long. A creditor can, though, request a second meeting in order to go into more detailed questioning.
- Why don’t creditors usually attend these meetings? Creditors in a bankruptcy case do not have to attend the actual creditors meeting in order to file an objection or a claim, but a creditor might attend if they suspect that your debt might in some way be fraudulent.
Object of Creditors Meeting: To Verify Facts
It may be helpful to think of this meeting as an opportunity for everyone to get the facts of your case straight. Because you must testify under oath to the accuracy and completeness of the information in your bankruptcy petition, your trustee can clear up points of confusion or uncertainty in the forms.
Learn More about the Creditors Meeting from a Bankruptcy Lawyer
If you're ready to figure out how the meeting of the creditors might fit into your bankruptcy-filing plan, take advantage of this opportunity to speak with a bankruptcy lawyer in your area.
You can arrange a free, no-obligation consultation today by connecting with a bankruptcy attorney in your area. Simply fill out the case review form below to get started today.