The meeting of creditors is conducted under section 341(a) of the Bankruptcy code. That is why it is often referred to as 341(a) meeting, or meeting of creditors, or creditors meeting.
The creditors meeting is usually conducted within 30 – 45 days after the filing of the petition. The meeting of the creditors is the first time that you, as the debtor, will be questioned under oat with regards to your debts income, expenses and financial history. The questioning is done by the trustee assigned to your case. The usual questions are whether you listed all your assets, all your debts and whether everything is true correct and accurate. Then the trustee will ask specific questions about your particular case. Naturally this will cause apprehension.
Having the attorney who is intimately familiar with your case is a must at the meeting of the creditors. The bankruptcy attorney who you have meet and who you have communicated with throughout the preparation of your bankruptcy petition is the best person you want to be by your side. Typically the attorney, who is familiar with your case can and familiar with the locale practices of the trustee can advise you about the typical questions that will be asked in particular about your case and prepare you for the examination. That is why it is of benefit to hire a Bankruptcy attorney in Los Angeles who is most familiar with locale practice. While some attorneys send special appearance attorneys to appear at the hearing and represent you, I insist on appearing myself with the client for this hearing.
At the examination, the trustee will conduct his or her examination and proceed to either continue the hearing for production of documents or supplemental examination, or will conclude the hearing. After the conclusion, Usually there is a 60 day period after the hearing wherein any creditor could file objections to the discharge of a debt. We will next cover the 60 days period for objections to discharge.
It should be clear form the above that your interest will be best represented when your attorney is a local bankruptcy attorney in Los Angeles familiar with local practice and will personally appear at the creditor hearings with you.