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What Is A Meeting Of Creditors?

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Will I lose my property if I file for bankruptcy ?”

If you have made the decision to hire a North Carolina bankruptcy attorney and your Chapter 7 bankruptcy petition has been filed the next step is to wait on what’s known as a 341 meeting of the creditors. This is an important step in the process towards resolving your bankruptcy case and deserves a bit of discussion. To find out more, keep reading.

 

Meeting Charlotte Bankruptcy Lawyer North Carolina Chapter 13 AttorneyWhat is a 341 meeting?

 

A 341 meeting of creditors is named after Section 341 of the federal Bankruptcy Code. The purpose of the meeting of creditors is to ask you questions about your bankruptcy filing while you are under oath. The meeting essentially serves as a chance to have the debtor confirm that the information contained in the bankruptcy filing is accurate and complete.

 

Who attends the meeting?

 

This 341 meeting is attended by you, your lawyer, the bankruptcy administrator assigned to your case and any creditors who choose to attend. One person not in attendance is a judge, in fact, in many Chapter 7 bankruptcies the debtor may never have to see a judge unless there has been an objection or a debt is reaffirmed.

 

Though your creditors are allowed to attend the meeting, the reality is that few ever do. The reason is that most people are busy and they stand to gain little by making the effort of attending the meeting. Unless there is reason to believe you are hiding assets or have lied in your filing, there is often little information revealed during a 341 meeting. 

What happens in the meeting?

 

Though your creditors may not be there, the bankruptcy administrator will be and will use the meeting as a chance to ask you questions under oath. You will need to provide some form of identification to the administrator who will then ask you to verify the information contained in your bankruptcy petition.

 

What happens next?

 

Assuming all went well in the meeting with the bankruptcy administrator then your meeting of creditors is officially done. Once the bankruptcy administrator is through asking his or her questions the hearing will be concluded and a clock will begin running for your creditors to file any objections they have to the bankruptcy. If none are raised then your bankruptcy will be officially discharged soon thereafter.

 

If you find yourself needing the services of a Charlotte, North Carolina bankruptcy attorney, please call the skilled lawyers at Arnold & Smith, PLLC today at (704) 370-2828. As professionals who are experienced in the bankruptcy arena, our attorneys will provide you with the best advice for your particular situation.

 

Source:

“The Meeting of Creditors,” by David Haynes, published at About.com.

 

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