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Meeting Of Creditors - Also Called the 341 Meeting of Creditors Between 20 and 40 days after the petition is filed, the case trustee will hold a meeting of creditors. This is also called a 341 meeting. During this meeting, the trustee puts the debtor under oath, and both the trustee and creditors may ask questions. A debtor MUST ATTEND the meeting of the creditors and answer questions regarding the debtor's financial affairs and property. If a husband and wife have filed a joint petition, they both must attend the creditors' meeting and answer questions. Within 10 days of the creditors' meeting, the U.S. trustee will report to the court whether the case should be presumed to be an abuse under the means test described in 11 U.S.C. § 704(b). If you have been completely honest and have provided all of the facts and information regarding your assets and debts, you should not have anything to worry about. This is why it is so important to provide accurate debt and financial information before filing. It is also important for the debtor to cooperate with the trustee and to provide any financial records or documents that the trustee requests. The Bankruptcy Code requires the trustee to ask the debtor questions at the meeting of creditors to ensure that the debtor is aware of the potential consequences of seeking a discharge in bankruptcy such as the effect on credit history, the ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect of reaffirming a debt. Some trustees provide written information on these topics at or before the meeting to ensure that the debtor is aware of this information. In order to preserve their independent judgment, bankruptcy judges are prohibited from attending the meeting of creditors. But don’t think the trustee is just another person. They have a lot of power and can make a bankruptcy difficult if they suspect something may not be right. Sometimes the trustee will file a motion because they have concerns. That does not mean your case is in danger only that their review has caused them some concerns. Again, if you have been honest most of the time we can answer the adversary proceeding without much of a problem. Bankruptcy Meeting Of Creditors, Also Called 341 Meeting of Creditors Chapter 7 Bankruptcy, 20 to 40 days after the bankruptcy petition is filed, trustee will hold a meeting of creditors that you must attend. Call my office for Free Consultation (619) 447-6780. We are a debt relief agency. We help people file for relief under the Bankruptcy Code. |
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El Cajon, CA. Bankruptcy Chapter 7. Free Bankruptcy Consultation. Looking to file a Chapter 7 bankruptcy. Not sure if you qualify for a Chapter 7. Free bankruptcy consultation & Pre-filing Bankruptcy. El Cajon, CA 619 447-6780 In a chapter 7 bankruptcy the Meeting of the Creditors (341 Meeting) will take place 20 to 40 days after the bankruptcy petition is filed, trustee will hold meeting. |
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