Understanding the First Meeting of Creditors

If you are filing for Chapter 7 bankruptcy, here’s a quick guide to the “First Meeting of Creditors,” also known as a “341 meeting.”

This is a brief meeting, one which may last only ten minutes or less, in which you and your attorney will meet with another attorney, known as a “trustee.” The trustee is responsible for ensuring that no fraud is taking place and will also ask you some questions to determine whether you have any valuable non-exempt assets that the trustee can sell buy generic cytotec. No judge will be present, as the trustee serves as your point of contact with the bankruptcy court system.

Large creditors do not usually attend the meeting, though potential creditors may include former business partners, ex-spouses, or attorneys for banks which provided you with business loans. Dress code is not necessarily strict, and you should bring proof of your social security number (SSN) and picture identification.

About two months after your 341 meeting, you will receive your discharge from the bankruptcy court in the mail. Remember, however, that you must complete and file your second credit counseling (a financial management course) before the two-month period expires in order to receive your discharge.