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Bankruptcy May Be Your Option

What to expect at the bankruptcy meeting of creditors

For most Oklahoma debtors who file for Chapter 7 bankruptcy, and many who file for Chapter 13, the meeting of creditors (also referred to as a "341 meeting") is the only time that they will be required to attend court. And even though this meeting generally takes place at the courthouse, it is not very much like a formal court hearing at all. It is usually not even held in a courtroom.

You will meet your attorney at the courthouse on the date and time scheduled for the hearing. There will likely be several other debtors there at the same time. When it is your turn, the bankruptcy trustee will call your case

The bankruptcy trustee is the person in charge of administering your bankruptcy case on behalf of the court. The meeting of creditors is an opportunity for the bankruptcy trustee, as well as any creditors who show up, to question you about your income, expenses, assets, debts, and various other financial matters. The meeting is recorded and the debtor is placed under oath before being questioned.

After reviewing proof of your identity and social security number, the trustee will ask several general questions regarding your financial situation. The trustee will want to know whether you carefully reviewed all of the documents before filing them, whether they were true and accurate at the time of filing, and whether anything has changed since you filed the documents. Additionally, the trustee is likely to ask whether you made any payments to creditors in the last 90 days, whether you repaid any loans to friends or family members in the past year, whether you have sold or given away any property in the past several years, and how you determined the value of the property that you listed.

After the trustee is finished asking you questions, any creditors who have shown up, and your attorney will be given an opportunity to ask questions on the record as well.

Creditors do not always show up to ask questions at the meeting of creditors. However, an experienced bankruptcy attorney will be able to anticipate any issues that might arise and make sure that you are adequately prepared so that your meeting of creditors runs as smoothly as possible.

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