What To Expect At Your 341 Creditor Meeting
Will Your Creditors Be At The Meeting?
While it is called a “creditor meeting,” creditors are rarely in attendance. A bankruptcy trustee, rather than a judge will attend to ensure both parties submit the correct information about the case. Ultimately, the trustee represents the creditors and has authority to swear in the debtor. Your 341 meeting will be held anywhere between 20 and 40 days following the day you filed your bankruptcy petition.
While you are not required to have an attorney for legal representation, it is strongly recommended that you do, especially in complex cases. Otherwise, you will be representing yourself.
When the meeting begins, you will be sworn in by the trustee. The meeting will be informal and brief, requiring little more than a short prepared statement from you to include a list of all your debts and the reason why you are filing bankruptcy. At this point the creditors, if they are in attendance, are allowed to ask questions. They may also then submit any challenges they may have, though they usually will not.
You should not feel embarrassed or harassed during your 341 meeting. Its purpose is only to bring out the facts of the case before it comes before a judge. Just as you are seeking protection as a debtor, the creditors are also seeking protection. However, having a lawyer present will be a great help for you in navigating the terminology and procedures of the meeting.
Being required to make a formal statement and answer the questions posed to you during the 341 meeting will help both debtors and creditors to get the necessary answers and information, and finally — the judgement you’re looking for.
Contact Our Firm For Help
The legal professionals of Ryan & Grinde are waiting to answer your questions about your upcoming 341 creditor meeting in Minnesota and to fulfill your legal representation needs. To schedule your reduced flat fee $150 initial consultation, call us at 507-282-8118 or contact us online.
As to bankruptcy matters, we are designated a debt relief agency under the BAPCPA. We help people file for bankruptcy relief under the Bankruptcy Code.