What is a Meeting of Creditors?

Approximately 30-60 after a debtor files for a Chapter 7 or Chapter 13 bankruptcy, they have to attend a Meeting of Creditors. 

The name is misleading because it implies that you’re going to sit down at a table with all of your creditors, which many people believe occurs in a courtroom.  In reality, it is extremely unlikely that any of your creditors will show up for this meeting and it often takes place in an office. 

The purpose of this meeting is really for the bankruptcy trustee to review your schedules and question you under oath regarding the filing of the bankruptcy case.  Once you receive the notice of this meeting you will attend with your bankruptcy attorney (if you were lucky enough to file with one), and be asked questions regarding your case. 

Some common questions are, “Did you read and review all the bankruptcy schedules before you signed them?  Are they true and accurate to the best of your knowledge?  Did you list all of your income, expenses, and debts?” 

The purpose of this is to verify the accuracy of your bankruptcy schedules, to make sure that you have not attempted to defraud the court, and that you’re not purposing to file a bankruptcy plan that is not feasible or practical. 

Also, in the case of Chapter 7 liquidation bankruptcy, to verify that you are eligible to file and that you haven’t transferred any property in contemplation of filing. 

Typically, this meeting is the only meeting that a debtor will have to attend.