By: Marshall G. Reissman Bankruptcy Attorney in St. Petersburg, Florida at The Reissman Law Group, P.A.
Many clients want to know what happens at the Meeting of Creditors. Clients find this situation to be very stressful, basically because the client has no idea what the trustee will ask, what the meeting will be like, or how long the meeting will last. I will describe a basic Meeting of Creditors and then post questions directly from the Chapter 7 Trustee Handbook issued by the United States Department of Justice, which oversees the U.S. Trustee program.
A typical Meeting of Creditors will generally last around 10 minutes. The trustee will inquire about the debtor’s assets, income and expenses. The meeting, at least in Tampa, are held in one of three large rooms. The trustee will call debtors up individually, place them under oath, and record their statements. The trustee will ask questions about the information contained in the bankruptcy petition the debtor filed. A debtor should be aware that if there are any irregularities in the petition, the meeting can take much longer. If the trustee does not believe a debtor is being forthright, the trustee may have the debtor return for further inquiry. However, this is usually the exception, not the rule.