When creditors call constantly wanting you to send them payments, you may begin to feel anxiety over talking to them. Now that you know one of the steps of a New York bankruptcy is meeting with your creditors, it could feel like a significant cause for worry. At Macco & Stern, LLP, we attend the 341 meetings with creditors with our clients and put them at ease over the process.

The Cornell Law School Legal Information Institute explains that the only exception to the rule for attending a meeting with your creditors is if you have already successfully worked out a repayment plan with them, which you may have done if you filed a Chapter 13 bankruptcy.

A judge does not attend this meeting. It is just for you, your legal representative, the bankruptcy trustee and any of your creditors who wish to attend. Although the meeting is mandatory for you, your creditors do not have to come. However, they have the right to come and ask you questions. It is vital for you to be completely honest when the trustee or a creditor asks you a question.

One of the trustee’s goals for the meeting is to ensure that you are making the right decision. So, he or she may ask you if you understand how the bankruptcy will affect your credit history, whether you may be able to file a different type of bankruptcy, how discharging your debts will affect you and if you understand the effects of reaffirming any of your debts.

More information about the process of filing a consumer bankruptcy is available on our webpage.