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What is a Meeting of Creditors?

What is a 341(a) Meeting of Creditors

The meeting of creditors, also known as the 341 meeting, is a hearing that must be attended by all debtors in a bankruptcy case. The hearing is often held without the presence of a judge. However, a trustee is appointed to oversee the meetings in chapter 7, 12 and 13 bankruptcy cases. A representative of the US Trustee chairs the meeting in chapter 11 cases.

The purpose of this meeting is to permit the trustee to review the debtors’ petitions and schedule with the debtor. The debtor is required to disclose all information pertaining to the debtor’s conduct, property, liabilities, financial condition and any matter that may affect the administration of the case and the debtor’s right to discharge.

During this meeting, the creditors are given a chance to question the debtor anything pertinent to the administration of the case.

It is not compulsory for the creditors to attend the hearing, and they do not waive any rights if they fail to attend. The meeting generally takes about 5 to 10 minutes.

If a debtor fails to attend the meeting, the trustee may request for the dismissal of the case or may seek other relief against the debtor. If a bankruptcy case was filed jointly by spouses, both must attend the hearing.

In addition to identification documents, some of the most common documents you may have to bring to the hearing include your;

  1. Tax returns.
  2. Pay stubs.
  3. Bank statements.
  4. Retirement account statements.
  5. Profit and loss statements (if you are self-employed)
  6. Mortgage documents including deeds of trust and loan statements.
  7. Car registrations.

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