What is a meeting of creditors?

by DeLadurantey Law Office, LLC on November 12, 2013

What is a meeting of creditors?Every debtor is required to attend a meeting of creditors, also commonly referred to as a 341 meeting because it is required by 11 U.S.C. §341. The meeting is generally conducted approximately 40 days after your case is filed with the bankruptcy court. Your meeting of creditors is conducted by the trustee assigned to the case. If you fail to appear at your 341 meeting, it could result in your case being dismissed.

An experienced bankruptcy attorney will fully prepare you for your meeting of creditors. Below are a few helpful tips:

  • General advice. Be on time and dress appropriately. Plan on arriving with enough time to proceed through the “security line” and arrive on time.
  • Documents. The trustee will request that you bring certain paperwork for his or her review. You must bring their driver’s license (or other government form of ID) and your social security card or a W-2 issued by your employer.  If you don’t bring these documents, you will be required to appear at a second hearing!
  • Be honest. You will be asked to verify that your bankruptcy pleadings are true and correct. You must answer questions regarding your assets, debts, income and expenses. Above all, you should always tell the truth.

Usually very few creditors attend the 341 meeting. However, depending on the circumstances of your case, you may have several attend and ask questions. Regardless, it is important to have a knowledgeable bankruptcy lawyer by your side to help ensure it goes smoothly.

If you are considering filing for bankruptcy protection, call DeLadurantey Law Office, LLC, at (414) 377-0518. We believe that each client should receive the individual attention necessary to reach their financial goals. Recognizing the needs of working clients, we maintain a flexible schedule and offer evening appointments. Initial consultations are always free, and phones inquiries are always welcomed.

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