What happens at my creditors meeting during Chapter 13 Bankruptcy?

The creditors meeting is a critical part of the Chapter 13 bankruptcy process in Virginia. This meeting is often referred to as the “341 meeting”, since it is held in accordance with Section 341 of the United States Bankruptcy Code. At the creditors meeting, the debtor (the person filing for bankruptcy) must appear in person to answer questions about his/her financial matters. The questions will be asked by the Trustee, who is the court-appointed official responsible for reviewing the debtor’s case. The Trustee will ask questions about the debtor’s assets, liabilities, and income. The Trustee will also review the repayment plan that the debtor has proposed to pay back some or all of the debt they owe to their creditors. The purpose of the creditors meeting is to ensure that the debtor’s proposed repayment plan is feasible and that all of the creditor’s interests are being taken into account. During the meeting, the creditors will also have an opportunity to raise any objections they may have to the repayment plan. The Trustee will review any objections that are raised and determine whether they are valid and must be addressed. Once the meeting has concluded, the Trustee will approve or deny the debtor’s repayment plan. If the repayment plan is approved, the debtor must then begin making payments to creditors in accordance with the plan. If the plan is denied, the debtor may have to revise the repayment plan or explore other options that can help them resolve their debt.

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What happens at my creditors meeting during Chapter 13 Bankruptcy?

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