What happens at my bankruptcy creditor meeting?

So you have filed Chapter 7 bankruptcy and now you are wondering what to expect at the Bankruptcy 341 Creditor meeting. Well, typically the creditor meetings for cases filed in the Charlotte, North Carolina division are Wednesday at 10:00 in uptown Charlotte in an office building across from the Federal Courthouse in Charlotte.  There is no need to bring anything to the meeting as your attorney should already have sent all the required paperwork to the Bankruptcy Trustee. Make sure you are early as you do have to pass through security- so leave your guns and knives at home.  ​

The creditor meeting is in a large room (not a courtroom) on the second floor on the building. You can expect the room to fill with others who have filed bankruptcy, attorneys and a few creditors. Make sure your dress respectful although business dress is not required. Make sure any jewelry (such as a wedding ring) you are wearing was disclosed on the petition. Usually at 10:00 a.m. sharp the trustee will introduce himself or herself and ask everyone to stand and take an oath to tell the truth (sometimes the oath is done individually when your case is called).  

Once the oath is administered the trustee begins to call cases one at a time.  When your name is called you should head to the front of the room and sit at the table next to your attorney. Then the questions begin.  Remember the proceeding is audio recorded so make sure you speak loud enough so the tape recorder picks up your answers. Keep in mind the recorder does not pick up head nods or mumbling. The trustees get VERY tired of reminding everyone to speak up!

Some Trustee questions you can expect and should be prepared to answer:

1. Were you previously sworn? (that is the oath given at the start)
2. Did you receive the Statement of Information? (a paper you receive upon arrival)
3. Did you read and sign your petition- Is it truthful and accurate?
4. Are there any amendments? (that is a question for your attorney if you have one)
5. Are there any creditors present? (that is their cue to speak up if they are in attendance)
6. How did you value your house? (Tax value?, based on recent sales in the neighborhood?, based on    problems with the structure or interior?)
7. How did you value your car or jewelry?
8. Are you expecting a tax refund- if so how much?
9. Any other questions about your assets or anything else that catches his eye.
10. The trustee may ask you provide certain documents within 10 days.  (Give them to your attorney to pass along if you have one)

Don’t forget the creditor meeting is a Court proceeding and you are under oath and subject to prosecution for perjury if you give false information. Make sure you answer truthfully and consult with your attorney ahead of time if you are uncertain about anything. Although the meeting is called a creditor meeting, they rarely attend. The main purpose is for the trustee to ask any questions he has and to make sure you are entitled to a discharge.  You should expect this discharge to arrive in the mail approximately 90-120 days after your meeting. Also- don’t forget you must complete a second credit counseling after you finish called the after bankruptcy session.  Our office currently uses Debt Education and Certification Foundation "DECAF". You may complete the classes using the links below. If you fail to complete this exit session your case will be closed without a discharge and creditors can begin calling again. Don’t forget if you have questions to ask your attorney- that is why you hired one in the first place.