Every bankruptcy debtor must attend the first meeting of creditors in their case; this meeting is nicknamed the “341 meeting” from the section of the Bankruptcy Code that requires it.

Susanne Robicsek wrote about what to expect at the first meeting. Here are my rules for how to behave:

Rules for Testifying Under Oath.

1. Tell the truth
2. Listen to the question, all the way to the end.
3. Answer in as few words as possible
4. Don’t explain, expand, justify, or speculate unless asked
5. If your attorney starts talking, you stop talking

The first meeting of creditors has two basic purposes: to have the debtor validate the information in the bankruptcy papers under oath, and to provide the trustee any information needed to determine exemptions or administer any non exempt assets.

It is not a test or an inquisition. Usually, each debtor’s testimony is concluded in a few minutes.

While I have seldom had clients blow a case at the 341 meeting, they can certainly either prolong the meeting or confuse the trustee or the issues by babbling on, or by not listening to the trustee all the way to the question mark at the end of the question.

Bring your identification; be familiar with the information in the schedules; and answer questions in short sentences and all will be well at your first (and probably last) meeting of creditors.

More on the 341 meeting.