A Creditors Meeting can go by many other names. It is also commonly referred to as a §341(a) Meeting, the First Meeting or a meeting of the creditors. The name is derived from the section of Title 11 in the United States Code. In this passage, requirements are set forth for the first meeting that needs to take place between creditors and equity security holders.

Debtors are required to attend these meetings and their case may be dismissed if they fail to show for all or part of the meeting. This means that if you are declaring bankruptcy, you need to attend this meeting. You will be required to submit to questioning and an examination under oath. This means that you will be sworn to tell the truth in response to the questions that you are asked during this meeting. Despite the fact that you are under oath, these meetings do not take place within the presence of a judge. Questions asked will span a variety of subjects including the acts, conduct, properties, financial situations, debts, liabilities and any other subject related to the administration of your estate and possessions. This will help to explain your situation to the Trustee in order to make the best decision with how to proceed with your filing.

The meeting will be conducted either by a United States Trustee (for bankruptcies under Chapters 7, 12 and 13) or by a representative of the Office of the United States Trustees (for bankruptcies filed under Chapter 11 where the debtor remains in possession of their property and there has been no United States Trustee immediately assigned to the case). Despite the fact that this meeting is intended to involve the creditors to which you owe money, they are not required to attend and they seldom do. In most instances, these meetings only take a few minutes and they are only longer when the individual overseeing the meeting is dissatisfied with the answers provided by the individual being investigated. By being honest and straightforward, you can more easily explain the situation to the Trustee who will be able to help you with your filing.