The creditors meeting or the 341 hearing indicates\u00a0the commencement of\u00a0the case. This\u00a0is mandated by the\u00a0United States Bankruptcy Court for the specific states and\u00a0is scheduled\u00a030 days after the bankruptcy filing. The date and the time for this meeting of creditors along with the debtor\u00a0is\u00a0notified within a\u00a0couple\u00a0of weeks of filing.<\/p>\n
Here\u2019s how you need to plan for the meeting as a debtor \u2013<\/p>\n
Preparing for the meeting<\/u><\/strong><\/p>\n Every the bankruptcy case\u00a0will be assigned\u00a0a bankruptcy trustee who generally questions\u00a0regarding\u00a0your financial status and the current scenario of bankruptcy. As a debtor, be\u00a0prepared\u00a0to answer his questions that are just directed to you for the purpose of confirming all the disclosed information or to gather supporting details. There is nothing\u00a0to be\u00a0worried and anxious about this interrogation as long as the debtors appear for the hearing and answer every question honestly.<\/p>\n Note the below about the meeting \u2013<\/p>\n The Creditors Meeting<\/u><\/strong><\/p>\n The\u00a0actual\u00a0creditors meeting in the courthouse\u00a0can be\u00a0scheduled for you and for many other debtors around the same time. So being on top of the list, that is posted outside of the door, will\u00a0indicate\u00a0you\u00a0could be called in sooner than the others else you may need to wait for some the time before you\u00a0are called\u00a0in. But look at the wait time as an opportunity to know of the meeting protocol about what to expect, and how to respond to questions.<\/p>\n On the calling of your name, you\u00a0will be asked\u00a0to sit at a table near the front of the\u00a0courtroom. After swearing you in, and seeking proof of your identity (produce the Social Security Number and a photo ID), the meeting commences. The bankruptcy trustee will be reviewing your\u00a0forms\u00a0and may pose a few questions. Answer them honestly in line with the information disclosed in the documentation. The key part of this meeting would be to\u00a0validate\u00a0the effectiveness of your repayment plan to repay the debts in the stipulated time and the fairness in treating all creditors equally.<\/p>\n Meeting conclusion<\/u><\/strong><\/p>\n If there are creditors who have turned up for this 341 hearing, they can pose their queries once the trustee finishes. The type of creditors who turn up may be the secured creditors like your mortgage lender \u2013 it could be for the purpose of contending the collateral values.<\/p>\n Remember that the meeting of creditors is only the start of the bankruptcy case negotiations and hence the concerns of the trustee will also be treated with equal importance by the judge. The culmination to the filing will only occur after a month or two later.<\/p>\n In order that you are well prepared and equipped with the right amount of information, get\u00a0the assistance of\u00a0Recovery Law Group<\/a>\u00a0\u2013 they serve\u00a0clientele\u00a0from California, Nevada and Texas states.<\/p>\n\n <\/p> \n
<\/ul><\/div>\n