Everyone who files bankruptcy, whether it be Chapter 7, 11, 12, or 13, must make an appearance at a “Meeting of Creditors” or what is also called a “341 Meeting.” This is where the bankruptcy trustee, who is appointed to your case to oversee it, will ask you questions about the paperwork you filed and questions about your situation.
A judge is not present at the meeting of creditors. You will be under oath, but your attorney will be there to help you and guide you through the process.
Many people are intimidated by the meeting of creditors, but the meeting itself is quite simple. It is not an inquisition; it is a chance for the trustee to make sure you are familiar with the information contained in your bankruptcy schedules and to clear up any questions he/she may have. Creditors typically only ask about any applicable collateral on secured loans, if they show up at all.
Most meetings of creditors are conducted quickly and in a conference room with several other people who have filed bankruptcy. You do not have to feel embarrassed or be nervous about the meeting because you will be with your attorney and other people who have filed bankruptcy.