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What Happens in a Creditors Meeting in a Bankruptcy?

What Happens in a Creditors Meeting in a Bankruptcy?

: Richard West Law Office

Hello: Say hello!Going through a bankruptcy can temporarily add to the stress that you are most likely already experiencing with your current financial situation. The bankruptcy process can be complex and it is difficult to understand all that is involved if you have no legal background. It is important that you find yourself a good resource like a bankruptcy lawyer who will take you through the whole process including the creditor’s meeting or otherwise known as the 341 meeting.

Meeting of Creditors

This is a formal meeting that takes place with you, your creditors and the bankruptcy trustee assigned to your case. If you are using legal representation then they will be in attendance as well. It is not as scary as it may sound, but you will have to answer questions under oath that can be put forth by both your creditors and the trustee. In many cases the creditors don’t even make an appearance and the meeting only lasts for a short period of time with the trustee asking the standard questions.

While your creditors don’t have to show up, you definitely should. Your not doing so could mean that your bankruptcy filings are cancelled because of this.

This is the only time you will have to appear in this type of setting, but it is important as to how you answer the questions. There are other aspects of the bankruptcy that have to be handled, and again this is where your Dayton bankruptcy lawyer will be of value to you.