The meeting of the creditors is also referred to as the 341 meeting after the bankruptcy code it falls under. The meeting of the creditors usually occurs within a few weeks after you file your bankruptcy paperwork. The court-appointed trustee assigned to your case will represent the interest of your creditors, making sure the debtor’s plan is fair and legal. The trustee will send you, your attorney, and your creditor’s notice of the date, time, and place for the 341 meeting.
This meeting will be held by your trustee to go over your paperwork and ask you some questions. This meeting is usually informal and conducted in a place outside of the courthouse. Your attorney, you, and if you are filing jointly, your spouse must attend. Very few creditors usually attend these meetings.
The trustee will ask you routine questions about your paperwork, including your income, your debt, and if the paperwork is correct. You will also be asked if you understand your rights and other options available to you. The process can last anywhere from a few minutes to half an hour. If a creditor does attend, it will usually be to object to a part of your discharge plan.
If you have overwhelming debt and would like to find out how you can get financial relief, contact a Fort Worth bankruptcy attorney to find out what options you may have.