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341 Creditors' Meeting

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•  341 CREDITORS' MEETING  •
 
Between 20 and 40 days after the petition is filed, the case trustee will hold a meeting of creditors. During this meeting, the trustee puts the debtor under oath, and both the trustee and creditors may ask questions. The debtor must attend the meeting and answer questions regarding the debtor's financial affairs and property. If a husband and wife have filed a joint petition, they both must attend the creditors' meeting and answer questions. Within 10 days after the creditors' meeting, the U.S. trustee will report to the court whether the case should be presumed to be an abuse under the means test described in 11 U.S.C. § 704(b).
 
It is important for the debtor to cooperate with the trustee and to provide any financial records or documents that the trustee requests. The Bankruptcy Code requires the trustee to ask the debtor questions at the creditors' meeting to ensure that the debtor is aware of the potential consequences of seeking a discharge in bankruptcy such as the effect on credit history, the ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect of reaffirming a debt. For many Chapter 7 debtors this is the only time they are required to make an appearance in the bankruptcy proceeding. In order to preserve their independent judgment, bankruptcy judges are prohibited from attending the creditors' meeting.
 
Before proceeding in a bankruptcy case, creditors should consider:
 
     •   the amount of the claim,
 
     •   the costs of action, and
 
     •   the perceived benefit or increased recovery.
 
In addition to properly and timely filing a proof of claim, creditors should keep some primary strategies in mind:
 
     1.   seek information;
 
     2.   seek payment from alternative sources; and
 
     3.   seek better treatment.
 
LINKS TO:
                 Go to Bankruptcy Law Department Attorneys and Staff page.
    Attorneys & Staff
 
Contact KIRK & SIMAS with your creditor rights or collection questions or schedule a consultation today.
                    (Click here to send an e-mail)Send an e-mail to KIRK & SIMAS' Bankruptcy Department. or  (Click here to go to our Contact Us page) Go to our Contact Us page.
  
 
 
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