Bankruptcy Meeting of Creditors – What You Need to Know

If you’ve filed for bankruptcy, whether under Chapter 7 or Chapter 13, you’re required to attend a “Meeting of Creditors.” This essential step, mandated by Section 341(a) of the U.S. Bankruptcy Code, is also commonly called the “341 meeting.” Despite the formal name, the Meeting of Creditors is usually a straightforward event designed to confirm the accuracy of your bankruptcy filing and answer any questions from creditors.

Let’s go over what the Meeting of Creditors entails, its purpose in your bankruptcy case, and what to expect, including details on how to attend virtually.

The Purpose of the Meeting of Creditors

The Meeting of Creditors serves several key purposes:

• Verifying Your Information: The meeting allows the bankruptcy trustee to verify the information you provided in your bankruptcy petition, including details about your assets, debts, and income.
• Confirming Asset Disclosure: The trustee will ensure that you’ve disclosed all your assets and liabilities honestly, as full transparency is essential in bankruptcy.
• Identifying Fraud or Misrepresentation: The trustee also assesses your documents to make sure there’s no fraud or intentional misrepresentation in your filing.

This meeting is not about questioning your decision to file for bankruptcy but rather to confirm the accuracy of your paperwork and make sure you’ve met all requirements for the bankruptcy process.

Statutory Basis of the Meeting

The Meeting of Creditors is required by Section 341(a) of the U.S. Bankruptcy Code. This law mandates that every bankruptcy filer must attend this meeting so that the trustee and creditors have an opportunity to review the case.

The 341 meeting is a chance for creditors to ask questions, although in most cases, creditors don’t attend. Think of it as a routine step to ensure transparency and fairness in the bankruptcy process.

Attending the Meeting of Creditors

All Section 341(a) meetings for Chapter 7, 12, and 13 cases are conducted virtually via Zoom. The virtual format makes it easy for you to attend from the comfort of your home, but there are some requirements and steps to follow to ensure everything goes smoothly.

Preparing for Your Meeting

To join your Meeting of Creditors, you’ll need a device with a camera, speakers, and microphone, such as a smartphone, tablet, laptop, or desktop computer with internet access. Here’s what to prepare:

• Zoom Application: If you’re joining on a smartphone, you must download the Zoom application. For laptops or desktops, you can use either the Zoom application or the website.
• Meeting ID and Passcode: You’ll find these details in Section 7 of your Notice of Bankruptcy Case, or by contacting your attorney. You’ll need both the Meeting ID and Passcode to join.
• Photo ID and Social Security Card: You’ll need to show these documents during the meeting to verify your identity.

Joining the Meeting

There are three ways to join the Meeting of Creditors on Zoom:

• Through the Zoom Application: Open the app, select “Join Meeting,” and enter your Meeting ID and Passcode. Make sure to use your full name for proper identification.
• Through the Zoom Website: Go to zoom.us/join, enter the Meeting ID, and select “Join from Your Browser.” Then, follow prompts to enter the Passcode.
• By Phone (Audio Only): If you don’t have internet access or video capability, you can join by calling the number in your meeting notice. Enter the Passcode when prompted, and state your name to enter the virtual waiting room. Note that attending by audio only may require rescheduling, as most trustees expect video attendance.

During the Meeting

Once you join the virtual meeting room, you’ll wait until the trustee admits you. Here’s what to expect:

• Virtual Waiting Room: You’ll initially be placed in a waiting room. Once admitted, make sure your microphone is muted, and turn on your video if it’s not already active.
• Identity Verification: You’ll be asked to show your photo ID and Social Security card. The trustee will confirm that you are the filer.
• Answering Questions: The trustee will ask you a few standard questions to confirm the information in your petition. Common questions include verifying your assets, confirming that all debts are listed, and checking that you understand the bankruptcy process.

This part of the meeting usually lasts just a few minutes, and most of it is straightforward. If creditors are present, they may ask questions, though this is uncommon in most cases.

Troubleshooting Tips for Virtual Attendance

To ensure a smooth experience, here are some troubleshooting tips:

• Test Your Device: At least a day before your meeting, test Zoom and make sure your device’s audio, video, and internet connection are working.
• Have Back-Up Access: If possible, have access to both a computer and smartphone in case one device has connectivity issues.
• Mute When Not Speaking: Keep your microphone muted when you’re not speaking to avoid background noise.
• Check Internet Connection: A wired internet connection or proximity to your router can help prevent connection issues during the meeting.

Key Takeaways

The Meeting of Creditors is an essential part of your bankruptcy process, but there’s no need to stress. This meeting is typically brief and straightforward, designed to confirm the information in your filing and give creditors a chance to review it.

My goal is to help you through this process with minimal stress, and we’ll make sure you’re fully prepared for the meeting. With a clear understanding and the right preparation, your Meeting of Creditors should go smoothly and without surprises.