A lot of my clients get nervous when they first hear about the meeting of creditors. While it might sound a little intimidating and adversarial, the meeting of creditors is not nearly as frightening as it sounds.
A meeting of creditors takes place in a meeting room at a federal building. The location of the building depends on where you live. All you need to bring to the meeting is your ID and Social Security Card. The trustee requires that you produce certain documents prior to your meeting. These documents usually include tax returns, paystubs, bank statements, and mortgage documents. Though some trustees have their own list of required documents.
During the meeting the trustee will ask you questions about your petition to confirm that it is accurate. A Chapter 7 trustee will typically inquire about your assets, as they will attempt to liquidate any unexempt property. A Chapter 13 trustee, on the other hand, is concerned about establishing that your payment plan is realistic and fair to your creditors. Thus, a Chapter 13 trustee will normally ask questions about your income and expenses. The trustee isn’t out to get you. They are just there to do their job and ensure that your petition and/or plan is accurate and follows the law. Also keep in mind that you won’t be at the meeting alone, I or one of my colleagues will be there with you.
Hopefully this post answered any question you had about the meeting of creditors, and maybe helped calm any anxiety you were feeling. Feel free to give my Modesto bankruptcy office a call for a free consultation if you in the Modesto area and looking into bankruptcy.
Categorized in: Filing Bankruptcy