What is a 341 meeting of Creditors?
The Creditor rights include having a voice at a 341 creditor meeting. This is a meeting of creditors at which the debtor is questioned under oath by creditors, a trustee, examiner, or the United States trustee about his/her financial affairs. The District of Colorado schedules 6 dockets (cases) per 30 minute intervals. Normally these meeting run on time. Under normal circumstances the creditors rarely show. Nevertheless, if a creditor appears at your 341 Meeting, there is a limited amount of time for them to question you. Debtors have a duty to appear and testify under oath and to be questioned by the trustee at the §341(a) meeting. This meeting is presided over by the trustee assigned to the case and is held approximately 40 days after the new petition is filed. Failure to appear may result in dismissal of your case.
This is a meeting in which you must attend. You will meet with the bankruptcy trustee and any creditors that chose to attend. In most Chapter 7 cases, the creditors do not attend; sometimes creditors will attend a meeting for a Chapter 13 case. This meeting allows the parties to resolve any objections between you and the creditors. A judge will intervene if a resolution is not reached. Findgreatlawyers.com focuses on finding lawyers in every part of the state of Illinois. From Chicago to Rockford, to Central Illinois, down to Southern Illinois, and every county in between. Whatever the legal area or location within the state of Illinois, we know the perfect lawyer for you.
The 341 Meeting of Creditors is a meeting required by bankruptcy law. The meeting is a formal meeting that is held shortly after the case is filed. The meeting is usually presided over by the bankruptcy trustee that has been assigned to administer the bankruptcy case. The purpose of this meeting is for the debtor to appear, represented by an attorney, and be questioned by the Trustee and any creditor present about the debtors debts, property, and information provided by the debtor in the schedules and statements filed with the court. In normal cases, this meeting will last approximately 15 to 20 minutes.
