Almost everyone knows that those who file bankruptcy must attend a Creditor’s Meeting, but no one really ever talks about what goes on behind the doors of a Chapter 7 or Chapter 13 creditors’ meeting.
This article should give you a good idea and help you relax about it.
About three to five weeks after the filing of your bankruptcy petition (in Las Vegas, Nevada), you will be required to attend a mandatory meeting scheduled so that, if they choose to, your creditors can protest your debt to them being discharged. This meeting is referred to as the “341 Meeting,” named after the bankruptcy code section.
The bankruptcy trustee assigned to oversee the processing of your Chapter 7 bankruptcy presides over this meeting and your attorney attends with you. It’s best for bankruptcy filers to show up on time, in clean and neat but not overly expensive clothes and a minimum of inexpensive jewelry; yes, leave the Rolex at home, even if it’s a fake. No sense in inviting questions and doubts. And be sure to have your driver’s license and your social security card with you.
The truth of it is that there is nothing to dread and no reason to feel highly anxious about the 341 Meeting. First of all, a huge majority of creditors do not show up. Really. If you were honest and clearly did not try to abuse, or take advantage of, your creditors, it’s highly likely that it will just be you, your attorney, and the bankruptcy trustee assigned to your case, as well as perhaps his or her assistant sitting around a conference table going over your Bankruptcy Petition.
At the opening of the meeting, the bankruptcy trustee will put you under oath, and since your creditors probably won’t be there, the meeting will be more about the bankruptcy trustee asking for clarification on some items on your Chapter 7 Bankruptcy Petition.
Note that when you show up for your meeting, you’ll see others coming and going and waiting around in the hallway. Some people find this cause for embarrassment, but remember that those other people who see you at Bankruptcy Court are there for the very same reason you are; a creditors’ meeting in a bankruptcy matter. You are all there for the same reason, so no cause for embarrassment.
The bottom line is that there is nothing to dread other than the dread itself. And never forget – this too shall pass!
Looking out for your legal rights!
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This blog and everything posted on this blog is offered for general information purposes only and should not be considered by any person or entity viewing this blog as advice given by, or as a consultation with, James E. Smith, Attorney at Law, or with Conexa, LLC.