I have just filed my petition for bankruptcy in Phoenix, and my creditors’ meeting is coming up—what can I expect?

The very early stages of any Arizona bankruptcy are always stressful. Going through your debt-to-income ratio with a fine tooth comb is harrowing enough, but when you factor in the possibility—even likelihood—of having to liquidate some of your personal property, the experience can be downright crushing. Factor in having to go to a creditors’ meeting with your bankruptcy trustee grilling you, and it is easy to see why you might be fighting off nerves and dread.


The good news is that this meeting is less of an attack zone than you are expecting. In fact, creditors rarely even attend the meeting, so it is more commonly referred to as a 341 hearing. At this hearing, you are basically verifying that you are who you claim to be, and that the petition you filed is complete and factual.


When you attend the hearing, you will be required to bring a government-issued photo ID along with your social security card or other proof of your SSN. At the meeting, a notice called the “Bankruptcy Information Sheet” will be posted for you to read prior to beginning the meeting. This short, two-page notice describe the basics of bankruptcy.


When the meeting begins, you will be sworn in, and the trustee will begin asking you straightforward questions about your petition. He or she is essentially trying to verify that everything you own and every debt you owe is listed on your petition so that your bankruptcy can go as smoothly as possible.


While this meeting may seem intimidating, it will likely be over in less than 15 minutes, unless your case is particularly complicated. As your bankruptcy lawyers, Curry, Pearson & Wooten will work with you to ensure that your petition is filed correctly, and can help prepare you for your 341 hearing. Call us at 602-258-1000 to speak with an experienced Phoenix bankruptcy attorney today.