12 Mar Bankruptcy Basics: What is a Meeting of Creditors?
Once you have filed for bankruptcy under either Chapter 7 or Chapter 13 of the United States Bankruptcy Code, the bankruptcy court clerks will assign a case number, a trustee (someone who is now in charge of your case), and a date for what is commonly known as a “meeting of creditors.” This meeting is also sometimes called a “341(a)” meeting. You must attend that session. Most likely, your attorney will also attend that session, along with the trustee assigned to your case. During that session, the trustee asks a series of questions to find out if you have assets that were not listed on your bankruptcy schedules, whether you have transferred property both before or after bankruptcy, and whether or not you have any amendments or changes you need to make to your bankruptcy schedules. The meeting generally lasts anywhere from 10 to 30 minutes. It is designed to be a time where creditors can come and ask questions about your assets or your ability to repay any of your debts–most of the time, the only people who show up are the trustee, you, and your attorney. However, sometimes, an unhappy creditor will appear and want to ask lots of questions. Your attorney will protect you from illegal or unwarranted questions. At the conclusion of the meeting, the trustee will likely inform you and your attorney about his/her position on whether your case has assets or not.
Latest posts by Karen Oakes, Esq. (see all)
- Truth or Consequences: The Department of Justice in Bankruptcy Court (updated for 2016) - March 5, 2016
- Honesty? Is Honesty Honestly The Best Policy In Bankruptcy? - January 22, 2016
- How to Discharge Your Student Loans In Bankruptcy! Yes, It Can Be Done! - July 25, 2015
- The People Who File For Bankruptcy: What Kind of People Get Rid of Their Debts? - January 22, 2014
- After Your Bankruptcy: How to have a fresh start! - November 22, 2013