What happens at a section 341 “Meeting of Creditors”?

Once you declare bankruptcy you must attend the creditors’ meeting conducted by the trustee appointed to their case. You must answer questions concerning:

o How the situation evolved
o Any actions taken with the property
o Debts listed in the petition or any other financial information requested by the trustee
Failure answer truthfully can result in the petition being dismissed or, in extreme cases, a charge of perjury. Creditors may attend and question you about the assets or any other matter relevant to the bankruptcy. A creditor doesn’t waive any rights by not attending the creditors’ meeting.