What Can I Expect At My Creditor’s Meeting?
By Susanne Robicsek, North Carolina Bankruptcy Attorney on Nov 28, 2007 in General Bankruptcy Information
Every debtor is required to attend the §341 Meeting Of Creditors, but for most consumer debtors this meeting is just a formality that isn’t anything to be afraid of. The meeting occurs in every bankruptcy case, whether it is a Chapter 7, Chapter 11, Chapter 12, or Chapter 13.
For larger cases, especially corporate Chapter 11 cases, the meeting is one where the creditors can gather, ask questions, and conduct business necessary to the bankruptcy process. Creditors tend to participate in the larger cases and a series of meetings may be needed to negotiate terms, hence the name First Creditors Meeting.
For most consumer cases, there is no second meeting nor are many creditors present. The meeting is just a way for the bankruptcy trustee to quickly and efficiently meet with many debtors to swear them in and get basic questions answered. If the bankruptcy petition was well prepared, complete and truthful, then the meeting is usually smooth and can take just a few minutes.
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