What You Need To Know About Your Bankruptcy Creditor's Meeting

Filing for bankruptcy means a lot more than just a legal document filed with the courts. Bankruptcy should be considered a process, with several steps. Once you have met with your bankruptcy attorney and filled out your paperwork, the bankruptcy petition is filed. Before your bankruptcy becomes final, however, you must appear at the creditor's meeting. It can be daunting to be faced with this meeting that makes public your sensitive financial affairs. While it is not necessarily something you should look forward to, it is normally a quick and routine event. To help put your mind at ease, read below for 8 facts to know about your creditor's meeting for chapter 7 bankruptcy.

1.  The creditor's meeting, also known as a 341 meeting, gives the bankruptcy trustee an opportunity to ask you questions about your filing. Usually, the questions are standard and your bankruptcy attorney can help you be prepared with answers.

2.  These meetings can be held in federal courthouses, but are sometimes held in conference rooms. Make sure you know exactly where to park and how to get to the meeting. Being late could irritate the trustee and cause your case to be continued.

3.  You will be given a time to appear, but usually many people are scheduled to be there at the same time and called in alphabetical order by last name. You may be there for several hours, or you may be out of there in a half an hour.

4.  You will be in the same room with others who are also filing chapter 7 bankruptcy. It can be uncomfortable, but bankruptcy is considered a public event and is open to almost anyone. Avoid bringing your children with you, if possible.

5.  Creditor's have a right to attend this meeting, but few ever do. If you are reaffirming a debt, or agreeing to continue to make payments, the creditor for this debt may attend to verify your reaffirmation. For example, if you are able to keep your vehicle as property as long as you continue to make payments as agreed, an attorney for the creditor will likely attend the meeting.

6.  It's vital that you are forth-coming with your attorney about recent credit card use just prior to filing bankruptcy. The attorney for the creditor may attend to question you about the reason for the charges. Discuss this ahead of time with your attorney, since certain recent use of credit cards could constitute fraud.

7.  You will need government-issued identification and your Social Security card to attend the meeting; you will likely need to pass through a metal detector as well.

8.  Although your attorney will be there at the meeting and will stand with you when you are called, don't be surprised if he has other clients at the same meeting and doesn't sit with you the entire time.

This meeting can be nerve-wracking, but remember your attorney will be by your side to help you get through it. When the creditor's meeting is over, you will be one step closer to the beginning of your new fresh start. To learn more, speak with someone likeRichard S. Ross - Bankruptcy Attorney.