What Is A Meeting Of The Creditors?

A Section 341 Meeting is commonly referred to as a Meeting of the Creditors. A debtor who has filed for bankruptcy is required to attend such a meeting, usually about one month after the initial filing. This meeting is conducted not by the bankruptcy judge, but instead by the trustee. After the debtor is administered an oath, all creditors that are present are then allowed to ask the debtor about their (the debtor’s) liabilities and assets. Because the debtor is under oath, it is imperative that answers be as forthcoming and accurate as possible. More often than not, creditors do not send individual representatives to these meetings, and instead submit questions to the trustee, who will ask the questions on behalf of the creditor. As the same information is generally required of all creditors, these meetings are usually brief, requiring only that the debtor confirm that the information contained in the bankruptcy filing is in fact an accurate and true accounting of all the debtor’s assets and debts. In some more complicated instances, such as litigation with a creditor or the trustee, the debtor may be required to attend court hearings or other examinations in addition to the initial meeting of the creditors. These hearings or examinations would be scheduled by the court and notices of such would be sent to the debtor or their attorney.

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