The meeting of the creditors, often called the 341 meeting, will be held within 40 days after you file your bankruptcy petition. Most bankruptcy courts hold the meeting of the creditors just one or two days a month. Many other people will be at the federal courthouse at the same time you are, typically everyone is told to come at the same time. Your hearing should last 15 minutes or less.
The schedule of who gets seen in what order will be posted on the door. If your name is near the bottom, you might have a long wait. While you are waiting, you can watch the other participants see how their meetings are handled. It might help you be less nervous, watching others go before you.
When You are Called
When your name is called, you will be directed to sit at a table near the front of the room. You will be sworn in by the trustee, and they will want to see your ID and proof of Social Security number.
The trustee will look over your documents and ask a few questions. The trustee will be mostly concerned with the fairness of the plan and your ability to repay your creditors. After this, any creditor that came to the meeting will get a chance to ask you questions. Often secured creditors will go if they have any objection to your payment plan. At the end of the meeting, you may need to negotiate with your creditors and submit a modified plan to the court.
If you have questions about the meeting of the creditors or would like to find out how you can get a fresh start with your finances, contact a Houston bankruptcy attorney.