What Is A 341 Meeting Of Creditors In A Bankruptcy
A 341 Meeting of Creditors occurs approximately a month after you file for bankruptcy. At the meeting the trustee will call a first meeting of creditors, which the debtor must attend. This meeting is also referred to as the § 341 meeting, named after the corresponding section of the bankruptcy code.
Creditors rarely attend a Chapter 7 bankruptcy meeting. However, for a Chapter 13 bankruptcy, one or two creditors may attend, especially if there is some question regarding the plan. If there are objections they are typically resolved by negotiation between the debtor or the debtor’s counsel and the creditor. If a compromise cannot be reached, a judge will intervene.
The meeting of creditors typically lasts about five to ten minutes. Your attorney will let you know the date and location of the meeting or you will receive notice from the court. Once the meeting starts you will be sworn in and the trustee and any present creditors will proceed to ask you bankruptcy related questions.
Afterwards, Trustees and creditors have 60 days to challenge the debtor’s right to a discharge after the 342 meeting. If there are no challenges, you will receive a notice from your lawyer or the court of your bankruptcy discharge within roughly three to six months.
Legal Help With Bankruptcys In Kentucky
If you have questions about a Bankruptcy Discharge you should contact a bankruptcy attorney to help you explore your options. If you are interested in filing for bankruptcy contact Rebecca Hurst of Hurst & Hurst Law at (859) 209-2101.