Bankruptcy Law

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Meeting of Creditors and Bankruptcy

What is a meeting of creditors?

A meeting of creditors is in fact a meeting or a hearing of all debtors that happens after a bankruptcy case has been filed, usually within 3-6 weeks. This is also called a 341 meeting, or a Trustee’s Meeting. Since creditors rarely appear, the Trustee’s verify that the person filing the bankruptcy is in fact who they say they are, and ask the filling party a set of questions while also explaining how the procedure will occur or go over any oddities that may be in the case.

Will a Trustee mail the filing party directions or instructions on what to bring to the meeting of creditors?

Typically a Trustee does not mail info on what to bring to the creditors meeting. However, usually you will only need to bring two things,
1. A signed copy of the Bankruptcy Petition
2. Picture identification.

During a bankruptcy creditors meeting, if a bank does not reaffirm or work with someone to keep their home, how many days by law do they have to give someone to move out of their home?

The individual would possibly have a minimum of two months from the time of the individual’s 341 creditors meeting. Now if the bank wishes to foreclose during the individual’s bankruptcy, the bank would be required to appeal the court for release from automatic stay. Usually, this happens following the 341 hearing. The majority of the lenders would pass time until the bankruptcy is released to commence foreclosure.

What questions should be asked at creditors meeting by creditor

If this is the primary Meeting of Creditors furthermore identified as a 341, the individual would simply have a few minutes to request questions. The individual will naturally wish to utilize that time to particularly ask what occurred to the possessions that are not listed on the appeal. If additional questioning is essential, the individual or the trustee might plan a 2004 test of the debtor.

If someone just had, their creditor is meeting for their chapter 7 in Pennsylvania. There were no creditors there. Trustee said it was a non-asset case. How long until discharge?

In most situations, the release comes around ninety to a hundred and twenty days following the 341 Creditors Meeting.

What if someone cannot make the meeting of Creditors if the party will be out of town on that date.

If the individual could not make it to the 341 Creditors Meeting, the individual’s case would be stopped with no release. The trustee is not concerned that the individual would be out of town. If there are no possessions to deal out, the individual would be capable to re-file right away.

There are times that you need answers to your tough questions — questions that may be too sensitive for you to consult a friend or co-worker. Sometimes, you may want to discuss your issues with a neutral party who is experienced in the legal area that you are dealing with. If you are having issues with meeting of creditors or just need answers to your questions pertaining to an meeting of the creditors you can ask Lawyers who can answer legal questions related to the meeting of creditors in an efficient and knowledgeable manner.
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