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Preparing to file bankruptcy can seem to be an insurmountable task to accomplish. But once you've worked with your attorney to complete, sign and file the petition, you are presented with another hurdle to move past, the Meeting of Creditors. But don't let the name of this hearing deter you as this is a necessary and fairly short hearing.
The 341 Meeting
The U.S. Trustee assigned to your case will hold a meeting of your creditors, generally thirty days after your bankruptcy petition is filed. The trustee holds this meeting in order to talk to the debtor and make sure they understand (text below quoted from 11 U.S.C. §341):
This also provides an opportunity for the debtor's creditors to appear and participate in the meeting. Although a creditor rarely appears and objects at the 341 meeting, many debtors can become stressed about this possibility.
At the 341 meeting, the trustee will also question the debtor as they search for undisclosed assets, explore potential claims against the bankruptcy estate, and determine whether the case should be closed and deemed a no-asset case or whether further investigation by the trustee is needed.
A properly completed petition may make you aware of potential issues, but at its conclusion, the debtor is one step closer to receiving their bankruptcy discharge. After filing your bankruptcy petition, talk to your attorney about the 341 meeting and what can be expected.