Is a debtor required to attend a creditors meeting?

Is a debtor required to attend a creditors meeting?

Answer: The meeting of creditors is a hearing all debtors must attend in any bankruptcy proceeding. The meeting of creditors is held outside of the presence of the judge and, depending upon the case chapter, usually occurs between 21 and 50 days after the filing of the petition.

Do creditors usually attend 341 meetings?

The meeting of creditors (also called the 341 hearing) is a mandatory hearing almost all bankruptcy debtors must attend. At the 341 hearing, creditors have the right to ask you questions under oath about your bankruptcy papers and financial affairs. But in most cases, creditors rarely attend 341 hearings.

What happens at a Chapter 7 meeting of creditors?

What Is the Purpose of the Chapter 7 Meeting of Creditors? The Chapter 7 meeting of creditors (also called the 341 hearing) is a meeting at which the bankruptcy trustee and your creditors get to ask you questions under oath about your bankruptcy petition and the documents you’re required to provide the trustee.

What happens to a debtor after a trustee meeting?

When a debtor files a petition to begin the case, the court sends a notice of the filing to all creditors listed in the debt schedules attached to the petition. The creditors must file with the court proofs of claim confirming the debts within 70 days after the 341 meeting.

What does a trustee do in a Chapter 7 bankruptcy?

The trustee’s job is to make sure the bankruptcy filing accurately reflects the filer’s assets and that the creditors get their fair share of the payment. In a Chapter 7 or Chapter 13 bankruptcy, the trustee is required to meet with the debtor.

What happens at the 341 meeting of creditors?

Everyone who files for Chapter 7 bankruptcy—both individuals and businesses alike—must attend a hearing called the 341 meeting of creditors. At the hearing, the bankruptcy trustee —the person responsible for overseeing your case—will verify your identity and ask questions about your bankruptcy filing under oath.

Previous Post Next Post