The best way to prepare for your meeting of creditors is to simply review your bankruptcy petition and schedules. After your bankruptcy case is filed, your bankruptcy lawyer should provide you with a copy of all documents filed in your bankruptcy case. Review the bankruptcy paperwork and make sure that you listed all of your creditors and all of your assets. If you missed a creditor or an asset, make sure to tell your bankruptcy lawyer before your first meeting of creditors. You may also want to think about how you came up with a value for your house and vehicles.
What Will I Be Asked?
Generally, a Trustee may ask you:
1. Have you listed all your creditors (or have you listed each and every debt you owe)?
2. Have you listed all of your assets?
3. Have you transferred any assets in the last 6 years?
4. If you have an IRA or pension account, you may be asked where the money in those accounts came from (for example, your contributions or those of your employer).
5. What do you think your house is worth? What is the basis of your evaluation? If you have recently had your home on the market and listed with a realtor, then you should tell the trustee what amounts you had it on the market for and what level of success (or lack of success) you achieved.
6. What do you think your vehicles are worth? How many miles as your vehicle have, and whether overall condition is that in?
What else can the Trustee Ask?
The Trustee is entitled to ask you any question that can reasonably lead him or her to a better picture of your financial makeup at the time of the filing of your bankruptcy case. Additionally, if a creditor appears, they would be entitled to ask you questions that can reasonably lead them to a better picture of your financial makeup, either at the time of the filing of your case or, possibly, at the time that you undertook the debt.
How long will the meeting of creditors last?
It may be a while before your case is called depending on where you fall on the bankruptcy docket. Once your bankruptcy case is called, most meetings of creditors last only a few minutes and result in the bulk of my clients asking me “you mean that is all there is to it?” I tell people that you will not have time for your stomach to settle and your nerves to calm before it's all over and we are being told we are free to leave.