The 341 Meeting of Creditors

341 Meeting Of Creditors. When you file Chapter 7 Bankruptcy, you must attend a “meeting of creditors” approximately 30 days after filing. This used to be conducted in person at the trustee’s office, but because of COVID, these meeting are conducted for the time being by phone from the attorney’s office.

People are often scared when they hear about this meeting, imaging all their creditors appearing in a room and screaming at them about their debts. This worry couldn’t be farther from the truth.

Most cases are consumer cases and creditors rarely “appear”. This meeting should be called “meeting with the trustee” because, in reality, this meeting involves a short (usually less than five minutes) conversation with the trustee who asks a list of standard questions to confirm the case was put together properly and to determine whether there are any unprotected assets which need to be turned over to help pay something on your debts. In most cases, by far, the trustees collect nothing because most people don’t have assets over the protected limits.

The trustees are private bankruptcy attorneys appointed by the Justice Department to review cases and look for assets if any are available. The creditors rely on the trustee to determine if there is anything to collect, so they generally do not participate in the meeting.

We at Mile High Bankruptcy have worked with the entire panel of trustees for years and have a good working relationship with all of them. They are generally smart, courteous, and efficient professionals who are doing a job to help the bankruptcy proceed with some oversight as to the rights of creditors in the case.

If you wish further explanation of the role of the trustee in a Chapter 7 Bankruptcy, call me, Denver bankruptcy lawyer, Peter Milwid, at 303-831-0733.

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