All bankruptcy debtors are required by 11 USC §341 to attend a meeting of creditors. Most people worry about this meeting and feel stressed about what will happen at it. To understand the events that typically occur at a meeting of creditors, please read our blog titled “What is a meeting of creditors?”
Below are a few reasons why you should actually look forward to attending your 341 meeting:
- In a typical Chapter 7 or Chapter 13 case, your meeting will not last long. Most debtors answer routine questions from the trustee that take approximately 10 minutes and then they are done. In fact, you may spend more time waiting for your turn than you do actually answering questions!
- Many debtors do not have any creditors appear at their meeting of creditors. Although the purpose of the meeting is to allow the trustee and the creditors to ask you questions regarding your debts while you are under oath, most creditors understand how their debt will be handled in the bankruptcy process. If you do have creditors come to your meeting, remember that your lawyer is there to help you.
- You lawyer has handled numerous of these meetings and he/she will likely anticipate any issues that may arise. Thus, you will be fully prepared before your 341 meeting begins.
- Most debtors are only required to attend one meeting of creditors (there are rare instances where a debtor must attend more than one meeting of creditors). Once you have finished your 341 meeting, you are done! You can relax and wait to receive your discharge order.
In short, most clients tell us their 341 meeting was much easier and shorter than they expected. So don’t waste time worrying about it and trust that your bankruptcy attorney will have your fully prepared. If you have questions regarding a meeting of creditors or you want to learn more about Chapter 7 or Chapter 13 cases, contact DeLadurantey Law Office, LLC.
For your bankruptcy, foreclosure, and debtor’s rights matters, contact DeLadurantey Law Office, LLC at (414) 377-0518. We serve the counties of Milwaukee, Waukesha, Kenosha, and Racine, including such areas as Milwaukee, Merton, Delafield City, Waukesha City, and Kenosha. Visit our web site and like us on Facebook.