Thursday, June 19, 2008

What is a Section 341 meeting?

The section 341 meeting which is also call a meeting of the creditors, is a meeting that a debtor must attend afer a bankruptcy is filed. The meeting is orchestrated by the case trustee or the U.S. trustee. The debtor must go to this meeting and testify about his or her financial condition. The debtor will be asked about this information that has been placed on the bk paperwork. A creditor is allowed to attend the meeting and ask questions about the financial condition of the debtor as well. If the debtor fails to show up to the meeting, the bankruptcy case can be dismissed. Most states allow you to attend the section 341 meeting without an attorney. Massachusettes requires that you have an attorney. You are going to have to pay for this. There is no way around it.

Like all legal matters, consult with an attorney first before making any financial or legal decisions.

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