What happens at the Meeting of Creditors?
A San Francisco bankruptcy attorney addresses: What happens at the meeting of creditors?
What is the meeting of creditors?
Section 341 of the Bankruptcy Code allows for the individual filing for bankruptcy to be asked questions by the trustee and creditors. The meeting gives interested parties an opportunity to question the debtor about the circumstances that led to the filing of bankruptcy and any specific questions related to outstanding balances the debtor is seeking to have discharged.
Is my appearance necessary? Yes. It is required that the debtor appear at the 341 hearing and be examined by the trustee and any creditors. Although it is possible to have the meeting postponed, it needs to be conducted in order for a debtor to receive a discharge.
How long is the meeting?
For most debtors the trustee only asks a few questions relating to the information contained in the petition. Creditors rarely show up so most debtors will not have to worry about being confronted and questioned about certain debts. In chapter 13 cases the trustee will inquire as to whether the planned monthly payments are going to pose a hardship.
What happens when the meeting is concluded?After the trustee has completed the examination they will file a report with the court indicating what happened. In a chapter 7 case, if there are no assets available to sell, the trustee enters a no asset report. In chapter 13 cases the trustee will conclude the meeting and make a determination as to whether to recommend the chapter 13 plan for confirmation or if more work is needed in order to develop a feasible plan.
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