Wondering what a creditors meeting is? (Lancaster attorney David Lozano is here to answer all your bankruptcy questions!)
Filing bankruptcy is just the first step in the bankruptcy process. There is also a 341 meeting–or creditors meeting, which usually takes place 20 to 40 days after you file Chapter 7 or Chapter 13 bankruptcy. At this meeting, you and your attorney discuss your financial situation with the bankruptcy trustee assigned to your case. You are asked questions under oath about your income, assets, and debt to verify the legitimacy of your bankruptcy claim.
A 341 meeting must be held to give creditors a chance to dispute your bankruptcy claim. While you, the client, are required to be at this meeting, attendance is optional for creditors. At the meeting, creditors may request that a specific debt not be discharged if they feel you have the funds to pay the debt. In the majority of cases, however, creditors choose not to attend.
I like to assure my clients that a 341 meeting is just part of the standard procedure when filing bankruptcy. The purpose of the meeting is simply to get you, your attorney, trustee, and creditors on the same page. It is not an inquisition and as your bankruptcy attorney, I will be there to assist you in answering questions and guiding the proceedings when necessary. Contact me for a free consultation or stop in at our Lancaster office. It is my goal to make your bankruptcy experience as stress-free as possible!