What is a bankruptcy meeting of creditors?
What is a bankruptcy meeting of creditors?
Under Section 341(a) of the United States Bankruptcy Code, a hearing is required to be conducted by the Bankruptcy Trustee wherein the debtor can be examined and creditors have the opportunity to ask the debtor questions.
The bankruptcy meeting of creditors, is also called the 341 meeting or a creditors' meeting. This is a mandatory meeting that takes place during the bankruptcy process. In Utah they are usually 30–45 days after the bankruptcy petition is filed with the court. At the meeting, the debtor (the person who filed for bankruptcy) meets with the trustee assigned to their case and any creditors who wish to attend. The trustee will put the debtor under oath and ask questions about their assets and debt and about the petition and schedules and other paperwork filed with the court (like the Statement of Financial Affairs, etc.)
During the meeting, the debtor is asked questions under oath by the trustee and creditors about their financial affairs, assets, debts, and any other relevant information related to their bankruptcy case. This meeting provides an opportunity for creditors to ask questions about the debtor's financial situation and to determine how the bankruptcy will affect their ability to recover any money owed to them. The typical hearing lasts 5–10 minutes per person, but I’ve seen them go for 4 hours on complex cases.
I hope this has been helpful.
If you need a lawyer in Utah, consider this one:
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
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