Purpose

• The purpose of a meeting of creditors is to assess the debtor's financial situation. Creditors are not required to attend but are allowed to participate in questioning the debtor.
  
  

Process

• The meeting is presided over by a trustee, rather than a judge. The trustee asks the debtor questions and allows any creditors present to do so as well. The meeting is usually very brief, lasting only a few minutes.
  
  

Types of Inquiry

• Creditors may ask questions regarding the debtor's income, assets, liabilities, any changes in his financial situation, and his reasons for declaring bankruptcy.
  
  

Limitations

• The debtor is not required to provide documentation relating to bank statements or tax returns, and creditors must believe that his answers are given in good faith.
  
  

Required Action

• If information is provided that raises questions, creditors may notify the trustee that they wish to object to a part of the proceedings.