Shortly after you file your bankruptcy papers you will receive a notice of the date of your meeting of creditors, also called a 341 hearing. This meeting is where you meet with the trustee assigned to your bankruptcy case.
The trustee is responsible for administering your bankruptcy estate and their job is to make sure that your creditors get paid as much as possible. In order to do this, the trustee wants to ensure the accuracy of your documents and your reported income.
In this typically brief meeting, the trustee may ask you questions such as how you arrived at the value you assigned property, whether you have given away or sold itmes in the previous year, and if there are claims that the trustee can pursue to get more money for your creditors.
Creditors may also attend the meeting, but this is rarely the case. If a creditor is present, however, they may ask you questions under oath which may concern the location of property attached to collateral or to clarify information you gave to obtain loans.
Before the meeting of creditors, carefully review your bankruptcy petition. If it is incomplete or an entry is inaccurate, file an amendment prior to the hearing if possible and bring the changes to the trustee’s attention.