Fundamentally, the first meeting of creditors serves as an opportunity for someone who has filed bankruptcy to speak directly with the trustee (the federally appointed official overseeing their case) for the purpose of confirming the information in their bankruptcy filing. Typically this involves the trustee asking a few questions, many of which can be answered either yes or no, to confirm that the information stated in your bankruptcy petition and schedules is correct. These questions will be fairly brief, and for the most part will be the same questions that your attorney went over with you when the case was being put together during your review and sign meeting.
Often, a first meeting of creditors can be completed in around five to ten minutes, and once it’s over, you typically won’t have to make any other appearances for your bankruptcy! Although the trustee will be asking questions about the information in your bankruptcy schedules, it will usually be to confirm the information that is already included rather than to verify things like specific numbers for an expense, or something like the exact amount that is deducted from a paycheck for healthcare or retirement savings. Moreover, an attorney from your law firm will be there with you, so if you do need assistance in verifying any of the specific information that was filed with the court, they will be right there to help you!
You might also wonder who else will be present other than you, your attorney and the trustee. Does the fact that the meeting is called “The First Meeting of Creditors” mean that creditors will show up? Typically, the answer to this is no. While a creditor does theoretically have the right to appear at the meeting, it is very rare for them to do so. In fact, the entire name “First meeting of creditors” is a little misleading as not only do the creditors not typically show up, but there is no second meeting! This means that other than you, the trustee, and your attorney, attendance at the first meeting of creditors will be pretty minimal and will generally be limited to only other people who have their first meeting of creditors scheduled during the same half hour calendar with the trustee.
Lastly, you might wonder where the meeting takes place. Generally, the meeting will take place over a zoom call. There are certain circumstances in which the meeting might take place by phone, but in the vast majority of situations, it will be a video call conducted over zoom. This means that you can participate in the meeting remotely from virtually anywhere!
Generally, the first meeting of creditors (or 341 hearing) is an opportunity to directly confirm the contents of your bankruptcy filing with the trustee. However, this is not a meeting that you need to take on alone. Your attorney and the staff members assisting you with your case will work with you beforehand to review the information in your petition and schedules, as well as prepare you for the questions that are typically asked by the trustee. Then when, the meeting takes place, we will be right there with you at your side the entire way.
At our firm, we understand and appreciate that the bankruptcy process always works best when you have a dedicated team around you that are committed to helping you navigate the bankruptcy process, and the first meeting of creditors is no exception. When the time is right, or when you are ready, please don’t hesitate to reach out to Minnesota’s most kind and helpful bankruptcy law firm by going now to www.lifebacklaw.com.