What is the 341-Meeting of Creditors? Do I need to attend?
The first meeting of creditors is required under Section 341 of the Bankruptcy Code and you are required to attend. However, don’t be nervous. Even though you will be under oath, the hearing is usually fairly short and informal and is conducted by a bankruptcy Trustee, who is usually an attorney or a CPA. The hearing will takes place place remotely. There is no judge or jury and often no creditors will be present either. One of our firm’s attorneys will be appearing with you at the hearing. The hearings are scheduled in hour blocks. However, when your case is called, the questioning will generally lasts five-to-ten minutes. Depending on when you case is called, you could be waiting for longer than 5-to-10 minutes because the Trustee usually has several cases scheduled for the same hour as your case.
The purpose of the meeting is to enable the appointed trustee to examine you under oath regarding the information that has been filed with the Court. The trustee may inquire about your financial status, conduct and financial affairs, and any other matters that are relevant to the administration of your estate. If a creditor wishes to do an in-depth examination, he or she will request a Rule 2004 examination from the Court. It is very important that you attend this meeting. You will receive a Zoom Link from our office a few days prior to this hearing. Failure to attend this meeting may result in dismissal of your bankruptcy case.
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