When filing for bankruptcy, a creditors meeting is general scheduled approximately 1 month after the filing of your bankruptcy petition.  This hearing is conducted by the bankruptcy trustee, which is basically another attorney.  Their position is to ask you certain questions to determine whether you have assets that are not exempt and can be sold off to pay the creditors.  Generally, it is very rare to have the bankruptcy trustee sell assets in a bankruptcy proceeding.   They begin by swearing you in and having you present your driver’s license as well as your social security card.  They then begin with the questionning, which usually takes anywhere from 30 seconds to 5 minutes long (and sometimes longer, depending on how complex your case is).  The types of questions they may ask may be as follows:

• State your name for the record
• Did you read the bankruptcy petition prior to signing it
• Did you understand the contents of the bankruptcy petition prior to signing
• Have you listed all your debts and assets in the bankruptcy schedule
• Have you sold or transferred any assets (including real estate) within the past 4 years?
• Do you owe any child support or alimony (domestic support obligations)?

By the time you attend the creditors meeting, the bankrupty trustee has already gone through your bankruptcy petition, your tax returns, pay stubs, etc…to determine what your financial situation is.  If they determine something unusual about your bankruptcy petition (i.e., you’re filing for bankruptcy, yet you own two vehicles (a BMW and a Range Rover) which you would like to keep, they question your motives.

To learn more about filing for bankruptcy or the types of questions they may potentially ask you, feel free to contact a Los Angeles Bankruptcy Attorney.