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. Continue reading