What is the thing called the first creditors meeting? 11 Answers as of April 30, 2015

What is the first creditors meeting? Who is required to attend it?

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GARCIA & GONZALES, P.C. | Richard N. Gonzales
The debtor or debtors who file BK. If he, she, they has/have a(n) attorney, the lawyer will also attend. Most creditors do not appear at the Creditors' Meeting.
Answer Applies to: Colorado
Replied: 4/29/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
It is the chance for the trustee to interview you. You will be present, your attorney, the trustee and if any creditors wanted to show up (which is rare that they do)
Answer Applies to: New York
Replied: 4/29/2015
Novakov & Associates, PLLC
Novakov & Associates, PLLC | LINDA S. NOVAKOV
It is a requirement under Ch. 341 of the bankruptcy code. The debtor, the attorney for the Debtor and the Trustee who has been assigned to the case must attend. Any creditor named in the petition who has questions or wished to ask the debtor questions regarding their particular debt have the right to attend to ask those questions. In my experience, it is rare for creditors to attend, unless there is an allegation of fraud or the creditor wants to discuss a reaffirmation as it relates to a secured debt.
Answer Applies to: Kentucky
Replied: 4/27/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
The First Meeting of Creditors (also called the '341 meeting')at which the debtor must be present, is an opportunity for the Trustee to ask you perhaps 5-10 minutes of questions to be certain your bankruptcy papers are true and complete, and to see if yours is the rare case in which the Trustee can actually recover some property to distribute to creditors. Creditors are all invited to attend, but generally no one does. But you must be there, and your lawyer must be there with you. (Yes, it's important to retain a lawyer to advise and represent you.) Good Luck.
Answer Applies to: Wisconsin
Replied: 4/29/2015
Law Office of Marlin Branstetter
Law Office of Marlin Branstetter | Marlin Branstetter
Within 45 days of filing there is a meeting where creditors are given the opportunity to question debtors in regards to the bankruptcy. This is usually for the purpose of discovering assets that the debtors may have hidden or to determine if there was fraud or abuse in filing the bankruptcy. In most cases if the bankruptcy is done correctly no creditors show up. Debtors are required to attend and answer a few routine questions posed by the trustee about the bankruptcy. This procedure normally takes only a few minutes. Check with a local bankruptcy attorney who is familiar with the procedures in your area
Answer Applies to: California
Replied: 4/30/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    All debtors must attend. In my jurisdiction you have to bring your drivers license and social security card. You can find this requirement at 11 U.S.C. Section 341(a). Generally it no big deal and is over in 5 minutes, unless you did not fill out your paper work correctly, have assets above the exemption limits, or some other abnormality.
    Answer Applies to: California
    Replied: 4/27/2015
    Ronald K. Nims LLC | Ronald K. Nims
    Most bankruptcies only have one creditors meeting. The person (or couple) declaring bankruptcy and the attorney are required to attend. The main purpose is to give the trustee the opportunity to question the debtor under oath. Common questions are things like: you got $5,000 tax refund but you don't have any cash, what happened to the money? And have you made any gifts in the past four years. Usually the creditors meeting takes 5-10 minutes and no creditors show up.
    Answer Applies to: Ohio
    Replied: 4/24/2015
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    The meeting of creditors is where the Debtor appears, and under oath, is examined by the bankruptcy trustee and any creditors who wish to attend. The trustee can ask about assets, debts, income, expenses and any information contained in the petition papers.
    Answer Applies to: California
    Replied: 4/23/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    I have never heard it called first. It is technically called the 341 meeting of creditors and the debtor, the trustee, and the debtor's attorney, if any, are required to attend it. Creditors seldom attend, and if a creditor does attend, doing so only gives them the right to ask the debtor, on the witness stand, questions about their finances. The most obvious question is how will I as a creditor, get paid and the answer is you won't get paid. If the creditor has a legal basis to object to the bankruptcy, the creditor must file a suit within the deadlines set by the bankruptcy court typically 90 days from the date the case was filed.
    Answer Applies to: Nevada
    Replied: 4/23/2015
    Marc S. Stern
    Marc S. Stern | Marc S. Stern
    The "first meeting of creditors" is also called a ? 341 Hearing." They are used interchangeably. It is called a 341 hearing because ? of the bankruptcy code says you need to have one. It is a time for creditors to ask about the assets and liabilities. The debtors are required attend and failure to attend is a reason to dismiss the case, or, in some cases, deny a discharge. Creditors do not need to show and usually do not. Creditors who show up do so for 1 of 3 reasons. 1. They do not know any better. 2. They want to ask questions or trap the debtor in some sort of admission. 3. They want to surprise the debtor for some reason.
    Answer Applies to: Washington
    Replied: 4/23/2015
    Bensamochan & Poghosyan LLP | Eric Bensamochan
    The first creditors meeting is also known as the 341(a) meeting of creditors. It is essentially an examination conducted by the trustee assigned to the case. Creditors are allowed to attend and ask questions related to your bankruptcy schedules and other filings in the BK.
    Answer Applies to: California
    Replied: 4/23/2015
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