Also called the 341 meeting, the creditors meeting is held approximately 30 days after you file your bankruptcy paperwork. You and your attorney will attend this meeting, also attending will be your court-appointed trustee and possibly your creditors.
The trustee will review your financial documents and your bankruptcy petition. The trustee will then ask you questions related to your financial circumstances. Specifically about your exemptions, your rights, and if you know other actions you can take regarding your debt.
Reaffirmation of Debt
If you have certain assets you intend to keep, such as your home or your car, you will be asked to do a “reaffirmation of debt.” This states that you will continue to make those payments during and after bankruptcy. Some creditors do not require a formal reaffirmation of debt as you stay current on your debt.
The 341 meeting can take anywhere from 15 to 30 minutes. If there is a dispute, it may take longer. Creditors can attend this meeting but often do not. If they plan to contest the bankruptcy, they will send a representative to argue to the trustee why the debt should not be eliminated.
If you have questions about bankruptcy or are overwhelmed in debt, contact a Plano bankruptcy attorney to discuss what you can do to achieve financial relief.