What is the first creditors meeting and who must attend?
Full Question:
Answer:
A meeting that takes place about 30 days after the commencement of a bankruptcy case. The debtor(s) must attend this meeting, at which creditors may appear and ask questions regarding the debtor's financial affairs and property. 11 U.S.C. B' 343.
If a husband and wife have filed a joint petition, they both must attend the creditors' meeting. The trustee also will attend this meeting. It is important for the debtor to cooperate with the trustee and to provide any financial records or documents that the trustee requests.
The trustee is required to examine the debtor orally at the meeting of creditors to ensure that the debtor is aware of the potential consequences of seeking a discharge in bankruptcy, including the effect on credit history, the ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect of reaffirming a debt. This meeting is also sometimes called the "341" hearing, named after the section of the Bankruptcy Code authorizing it.