What is the 341 meeting of creditors?

The 341 meeting of creditors, also known as a “Section 341 Meeting of Creditors,” is a meeting held after a person files for bankruptcy, typically in the state of Indiana. This meeting is held towards the beginning of the bankruptcy process and required by the U.S. Bankruptcy Code. The local bankruptcy court will set a date and time for this meeting and will then notify all creditors whom the debtor owes money to. At the 341 meeting creditors can ask the debtor questions related to the bankruptcy case, such as information on assets and liabilities, income, and living expenses. The debtor is required to appear in person and testify under oath so that creditors can find out information needed to decide how to proceed with the bankruptcy case. The 341 meeting is also an opportunity for creditors to object if they feel the debtor is not being honest or providing enough information about their financial situation. As well, the bankruptcy trustee assigned to the case will make sure the debtor is following all rules and procedures. After the meeting is over, the creditors have a chance to meet with the trustee to ask any additional questions or make objections. The main goal of the 341 meeting is to make sure all creditors have the information needed to make a decision on the bankruptcy case. This is a chance for the debtor to explain their situation and hear any objections from creditors with regards to their bankruptcy filing.

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What is the 341 meeting of creditors?

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