What does Creditors Meeting mean?
The creditor's meeting, also known as the 341 Meeting, is a mandatory meeting which requires the debtor in a bankruptcy proceeding to answer questions about their financial affairs. The Creditor's Meeting must occur within a certain time frame from the date the bankruptcy petition is filed. Either the U.S. Trustee or a representative leads the meeting. A legal representative for the debtor can attend the meeting, but the debtor must answer questions under oath.
Creditors generally do not attend the Creditor's Meeting unless there are questions of abuse which can potentially lead to an adversarial proceeding. A panel trustee, the debtor and the debtor's legal representative are usually the only ones to attend. The trustee might ask some basic questions about the petition and the meeting is over, lasting only a few minutes. If a filing debtor misses a 341 Meeting without cause the bankruptcy court may decide to dismiss the case with prejudice and the case may not be able to be filed again. Talk to your bankruptcy lawyer if you have questions about the Creditor's Meeting and the questions you may be asked at the meeting.