For those who have gone through bankruptcy, please calm my nerves about the "meeting of the creditors"

Question

On Thursday, my wife and I have our meeting of the creditors and I am freaked out. I am actually more concerned about the other stuff that goes on than meeting with any creditors (lost my job and no deception). What else happens at this meeting?

Answer 1

The meeting of the creditors is nothing to get overly nervous about...Granted you are nervous because you are filing....You will be there represented by your attorney..when it's time to go up to the trustee, they will request your license as proof of ID, and social security card, make sure you have this one you..do not forget these!!! ..They will ask you if all that you submitted is true and correct, and then that's about it. Most of the time, most creditors don't show up. They may ask you what led you to file, and you simply tell them unemployment. That's about it and you leave. The whole proceeding will last probably 10 minutes...Don't forget before you leave the courthouse to verify with your attorney the scheduling of the last half of your credit counseling if you are filing a chapter 7. Good Luck....don't freak out over this....the trustees see hundreds of people and they are all going thru the same as  you are. Once you are done is when you'll have the sign of relief....It does get better!!! :)

Answer 2

I don;t remember if any even showed up for mine - chap 7 - discharged 7 yrs ago - credit cards and repo'd car -there may have been one at the final court meeting, be I don;t recall speaking to him at all

Answer 3

I am a bankruptcy attorney here in Southern California... Each district might be a little different, but here's how those that I have done go.

The Trustee calls your case, you go up there having filled out and signed a couple of documents/questionnaire that describe some of the things that have happened to you in the last year or so that led to your bk.  

The Trustee takes your ID and social security card to make sure you are who you say you are.  Have them ready for the trustee so he doesn't have to wait for you.

The Trustee then asks a few questions about your assets and liabilities and maybe a couple of things from the questionnaire (an example is if you sold a car or something in the last year, he'll ask where you put the money or how you spent it).

The Trustee will then ask for creditors to come up and ask questions.  One thing, creditors can only ask about the location and ownership of assets, they can't go into any other details.  If an attorney is there representing you he will object on your behalf and tell you not to answer bad questions.

If you are there without an attorney, tell the trustee that you think questions are getting too personal if you feel a creditor is going too far.  

All in all, the meeting of creditors is usually not that bad for individual debtors in chapter 7's or 13's.  Just make sure you have all the documentation that the Trustee asks for and fill out the questionnaire beforehand.  If you have nothing to hide, there won't be any problem.

Hope you do well.

Answer 4

Usually nobody shows up except, you, your attorney, the Bankruptcy Administrator and the trustee.

You wait for hours for your turn, they check your IDs, they ask you some questions, and it is over

Some really desperate creditors may show up if you screwed someone over bad. Just answer questions and tell them NO when they ask you to reaffirm a debt, unless you really want to pay it.

gbravo04 has a really good explanation. I have been at both ends of it, and I know I asked the creditor some questions that had nothing to do with their assets and their attorney did not object. So not all attorneys will back you up as well as some others.

Above all, be honest, tell the truth. Lying will get you into trouble.

Remember, this is a bankruptcy court ,their main function is to protect you from creditors. There is no reason to be nervous about it.

Answer 5

only secured will show up ---house and car etc --reaffirm if you can on these else let it go.