The Meeting of Creditors

One of the required step in the bankruptcy process under all chapters of the bankruptcy code is The Meeting of Creditors. It is included under Chapter 7 , Chapter 13 and Chapter 11 bankruptcy. The meeting is imposed under 11 U.S.C. § 341. This section is titled “Meetings of creditors and equity security holders”.

This section of the bankruptcy code requires that, within a reasonable time after a bankruptcy case is filed (usually 20 to 40 days thereafter), the United States trustee shall convene and preside at a meeting of creditors.  The statute also specifically does’nt allow bankruptcy judge to be present or attend meeting. Rather the meeting is conducted by the trustee assigned to the bankruptcy case. While creditors are permitted to attend, they very rarely do attend.  Of course, if you file a bankruptcy with us, we will have you prepared for the meeting. We will be at your side during the meeting.

Examining the Debator 

This meeting is designed to provide the trustee (and creditors to some extent) with an opportunity to “examine the debtor”.  If all bankruptcy documents are completed correctly, and a debtor is fully informed and prepared for the bankruptcy filing and the meeting of creditors itself, the meeting can be finished in as little as 3 to 5 minutes.  That said, if the trustee believes that the schedules are not completed correctly, required documents have not been submitted or if there are significant non-exempt assets in the estate, the meeting can last much, much longer (close to an hour in some cases), and even be continued to another day and time for follow-up questioning.

Having an experienced bankruptcy attorney, like Christian Panagakos and Brooke Panagakos, can help ensure that potential issues are exposed and discussed prior to filing a bankruptcy petition, and that all required  bankruptcy documents are prepared and submitted appropriately to help mitigate a long and uncomfortable meeting of creditors. We are here to help you whenever you may be ready to learn/move forward with your own bankruptcy filing.