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341 MEETING IN BANKRUPTCY
After filing bankruptcy, the debtors and the creditors are required to attend a meeting at the bankruptcy court after twenty to fourty days of filing. This meeting is called 341 meeting in bankruptcy. Here a person has a chance to meet with his or her creditors. However, many times it is found that most of the creditors did not turn up.
341 meeting is organized to find out the facts that behind filing bankruptcy. The debtor and the creditor do not have the right to change any decision that was taken before regarding filing bankruptcy. Here the trustee or the lenders have the right to file for a motion if some new facts come up in the meeting. In that type of situations an attorney can look for an "advisory proceedings" if any new things are unearthed in the meeting.
A trustee generally stays in charge of the meeting. The meeting generally continues for a short span of time, as a lawyer has to go through twenty to thirty cases in a single hour. Theore, the average duration of one meeting is about three to four minutes.
The debtor is expected to be honest in the meeting he or she is required to furnish every detail correctly. The name and the address of the debtor will also be asked. All the things that will be disclosed in the meeting is recorded to avoid confusion in the future. The debtor has the right to clarify the doubts and ask question to the trustee. The trustee will verify the Social Security Number, the details of the possessions of the debtors and the signature of the debtor in the documents will also be verified. The creditors can also ask few questions in that case it is better if the debtor is represented by his or her lawyer as the lawyer will be the best person to tackle those situations.
341 MEETING IN BANKRUPTCY
After filing bankruptcy, the debtors and the creditors are required to attend a meeting at the bankruptcy court after twenty to fourty days of filing. This meeting is called 341 meeting in bankruptcy. Here a person has a chance to meet with his or her creditors. However, many times it is found that most of the creditors did not turn up.341 meeting is organized to find out the facts that behind filing bankruptcy. The debtor and the creditor do not have the right to change any decision that was taken before regarding filing bankruptcy. Here the trustee or the lenders have the right to file for a motion if some new facts come up in the meeting. In that type of situations an attorney can look for an "advisory proceedings" if any new things are unearthed in the meeting.
A trustee generally stays in charge of the meeting. The meeting generally continues for a short span of time, as a lawyer has to go through twenty to thirty cases in a single hour. Theore, the average duration of one meeting is about three to four minutes.
The debtor is expected to be honest in the meeting he or she is required to furnish every detail correctly. The name and the address of the debtor will also be asked. All the things that will be disclosed in the meeting is recorded to avoid confusion in the future. The debtor has the right to clarify the doubts and ask question to the trustee. The trustee will verify the Social Security Number, the details of the possessions of the debtors and the signature of the debtor in the documents will also be verified. The creditors can also ask few questions in that case it is better if the debtor is represented by his or her lawyer as the lawyer will be the best person to tackle those situations.