What You Need to Know About the Meeting of Creditors

August 1, 2019 | By Steffens Law Office
What You Need to Know About the Meeting of Creditors

The meeting of creditors is a crucial step in the bankruptcy process. This meeting allows creditors to present their claims against the individual filing for bankruptcy and protect their interests in the proceeding. It is sometimes referred to as a 341 meeting after the section of the Bankruptcy Code which requires it. 

After the meeting of creditors, the trustee may contact the person filing regarding his or her property. Depending upon the debts and value of assets a person has, the court may issue certain orders to the person. These orders are sent by mail and may require the person to turn certain property over to the trustee, or provide the trustee with certain information. 

If the person fails to comply with these orders, the case may be dismissed, in which case his or her debts will not be discharged. The person must also attend and complete an instructional course on personal financial management and file a statement with the court showing completion of the course.

How We Can Help

At Steffens Law Office, we understand that the decision to file for bankruptcy can be difficult. We will help you evaluate your options and answer any questions you might have about the process, so you can proceed with confidence. Contact our office to schedule your case review.