Being a Chapter 7 Bankruptcy Lawyer in Indianapolis, I have experienced the bankruptcy meeting of creditors possibly thousands of times. The Bankruptcy Meeting of Creditors can cause anxiety for many people who have never experienced it before. This article will describe the Chapter 7 Bankruptcy Meeting to show you that there’s no cause for anxiety.
Although you may have some anxiety about the Bankruptcy Meeting of Creditors, keep in mind that it is only a very routine procedural requirement of the Bankruptcy Code. Section 341 of the Bankruptcy Code requires the debtors in bankruptcy to be personally examined by the Bankruptcy Trustee through a series of simple questions. These questions are usually very routine and usually the Trustee does not anticipate for there to be any problems or assets in your case.
Although the Bankruptcy Meeting is many times referred to as the Meeting of Creditors, creditors very rarely attend these bankruptcy meetings. It is very unlikely that you will be examined by creditors in any way.
Keep in mind that the Bankruptcy Meeting is not a place for your creditors to object to the bankruptcy: it is only a place for your creditors to ask questions. Because there is usually no objection that creditors can bring to stop the discharge of their debt, creditors rarely find it necessary to attend the Bankruptcy Meeting.
When a Chapter 7 case goes as planned, documents will be sent to the Trustee ahead of time in order for review before the Trustee asks you any questions. Therefore, it is not very likely for there to be any surprises at the Bankruptcy Meeting. On occasion, additional documents or asset information may be needed after the Bankruptcy Meeting. However, such a request for additional documents is somewhat common and is no cause for alarm.
Although it can be intimidating to come before a Bankruptcy Trustee, the reality is simply that you must sit down and answer some questions. Make sure to bring your driver’s license and Social Security card to the meeting and any other documents your attorney has requested. Also, be on time. After that, there is no reason for anxiety: just go to the Bankruptcy Meeting and answer the simple questions.
~Indianapolis Bankruptcy Attorney John F. Bymaster