The Short Answer
Whether you file Chapter 7 or Chapter 13 bankruptcy, you are required to attend a 341 Meeting of Creditors — it's mandatory, not optional. In Chapter 7, this meeting typically happens about 30 days after filing; in Chapter 13, about 45 days after filing. The Trustee assigned to your case runs the meeting, swears you in, and asks questions to verify the accuracy of your bankruptcy paperwork. Your attorney will be there with you, and the whole meeting usually lasts just a few minutes if your documents are in order.
Whether you are filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, you will be required to attend a creditor’s meeting (also known as a 341 Meeting of Creditors). The Court schedules the date and time of your creditors meeting after your bankruptcy has been filed and a bankruptcy Trustee has been assigned to your case. The creditors meeting is a requirement of the bankruptcy code and it is mandatory that you attend. If you filed a Chapter 7 bankruptcy your creditors meeting will usually take place approximately 30 days after filing. If you filed a Chapter 13 bankruptcy your creditors meeting will usually take place approximately 45 days after filing. The purpose of the meeting is for the Trustee to make sure all of the information in your bankruptcy is accurate and to have the opportunity to ask any questions he or she may have about information you included in your bankruptcy.
On the day of your creditors meeting you should plan to arrive 30 minutes to 1 hour prior to your scheduled meeting. It is very important that you bring your drivers license and social security card with you to your creditors meeting, this is to validate your identity. Your attorney will be present at the meeting as well as other debtors who are there for their 341 meeting. Your creditors are notified of the meeting and may or may not be present the day of the scheduled 341 meeting. The Creditors Meeting is run by the Trustee assigned to your bankruptcy case. You will be sworn in by the Trustee and then he or she will begin asking you some general questions as well as specific questions pertaining to your case. The creditors meeting is recorded so it is important to remember at all times that you are under oath and to answer the Trustee’s questions truthfully.
Common questions:
How did you determine the market value of your home?
How did you determine the value of your car?
Did you list all your assets?
Do you have an assets in the business not listed?
Do you pay or receive child support?
Do you pay or receive alimony?
Your bankruptcy attorney will provide you with more information on your creditors meeting and discuss other common questions that you may face.
Key Takeaways
- Bring your driver's license and Social Security card to the meeting — the Trustee is required to verify your identity before the hearing can proceed.
- Plan to arrive 30 to 60 minutes early, since other debtors are scheduled the same day and the room can be busy.
- The meeting is recorded and you are under oath, so answer every question truthfully and only what is asked — do not volunteer extra information.
- Common Trustee questions cover how you valued your home and car, whether all assets are listed, and whether you pay or receive child support or alimony.
- Your creditors are notified of the meeting but rarely show up — their absence does not affect your case.
- Your bankruptcy attorney attends with you and will prepare you in advance for the specific questions your Trustee is likely to ask.
Attorney Insight
The mistake I see most often is clients showing up without their Social Security card — not a copy, not a pay stub showing the number, but the actual card. NC trustees will not proceed without proper identity verification, which means your meeting gets rescheduled and your entire timeline slips. The other thing that trips people up is over-answering: you're under oath, but that doesn't mean you need to explain your entire financial history. Listen to the question, answer it directly, and stop talking — the Trustees here in the Middle and Western Districts of NC are experienced, and a nervous ramble can open doors that didn't need opening.
