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The Meeting of Creditors

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The Meeting of Creditors

A meeting of creditors for a couple filing bankruptcy

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):

  1. The potential consequences of seeking a discharge in bankruptcy, including the effects on credit history;
  2. The debtor's ability to file a petition under a different chapter of this title;
  3. The effect of receiving a discharge of debts under this title; and
  4. The effect of reaffirming a debt, including the debtor's knowledge of the provisions of section 524(d) of this title.

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.

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SEE HOW NICOLET LAW MAKES A DIFFERENCE IN OUR CLIENTS’ CASES

CAR ACCIDENT

Result with Nicolet Law 
$1,200,000.00

CAR ACCIDENT

Offer before Nicolet Law
$50,000.00

SEMI-TRUCK ACCIDENT

Result with Nicolet Law 
$700,000.00

SEMI-TRUCK ACCIDENT

Offer before Nicolet Law
$75,000.00

SLIP AND FALL ACCIDENT

Result with Nicolet Law 
$180,000.00

SLIP AND FALL ACCIDENT

Offer before Nicolet Law
$5,000.00

PEDESTRIAN HIT BY CAR

Result with Nicolet Law 
$1,050,000.00

PEDESTRIAN HIT BY CAR

Offer before Nicolet Law
$0.00 - denial

DRUNK DRIVING ACCIDENT

Result with Nicolet Law 
$815,000.00

DRUNK DRIVING VICTIM

Offer before Nicolet Law
$0.00

UTV ACCIDENT

Result with Nicolet Law 
$250,000.00

UTV ACCIDENT

Offer before Nicolet Law
$5,000.00
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Wisconsin Locations:

EAU CLAIRE:

402 Graham Ave.
Suite 305
Eau Claire, WI 54701

Phone: 715-226-4155
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HUDSON:

517 2nd Street
Unit #205
Hudson, WI 54016

Phone: 715-226-4155
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LA CROSSE:

119 N 19th St S
La Crosse, WI 54601

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NEW RICHMOND:

1500 Madison Ave.
Suite 220
New Richmond, WI 54017

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RICE LAKE:
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Rice Lake, WI 54868

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RIVER FALLS
215 S 2nd St #20
River Falls, WI 54022

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SUPERIOR:
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Superior, WI 54880

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WAUSAU:
408 3rd Street
Suite 303
Wausau, WI 54403

Phone: 715-226-4155
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Minnesota Locations:

DULUTH:
306 West Superior Street,
Suite 606 West
Duluth, MN 55802

Phone: 651-427-3331
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HIBBING:
Howard Court Bldg.
302 Howard Street, Suite 123
Hibbing, MN 55746

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MINNEAPOLIS:
225 South 6th Street
Suite 3900
Minneapolis, MN 55402

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WOODBURY:
724 Bielenberg Drive
Suite 126
Woodbury, MN 55125

Phone: 651-427-3331
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