Privacy, Business and Law

All debtors in bankruptcy are required to attend a meeting of creditors and submit to questioning under oath by creditors and by the bankruptcy trustee or United States Trustee. Questioning at the meeting of creditors may not concern the specifics of a particular claim, only the financial affairs of the debtor, in particular the nature and location of the debtor’s assets.

The meeting is usually more informative in a chapter 11 reorganization case, where the current operations of the debtor and the form of a future chapter 11 plan are discussed. It is not necessary to attend the meeting of creditors in order to present your claim in a bankruptcy. Creditors holding claims secured by collateral in the possession of the debtor will often attend the meeting in order to verify the location and condition of their collateral, whether it is insured, etc. Unsecured creditors with a big stake in a bankruptcy may wish to attend the meeting in order to assess the prospects of collection from a bankruptcy case.