What is a creditors’ meeting?

A creditors’ meeting is a meeting that is held for the purpose of discussing the debtors financial situation. This meeting is usually held at the behest of the creditor, and is attended by the debtor and the creditors. The meeting will involve discussing the debtor’s debts and assets, and a plan of action for how to deal with the debt. The meeting allows the debtor and creditors to communicate their positions on the issue, and attempt to come to a mutually agreeable solution. During the creditors’ meeting, the debtor and creditors may discuss repayment plans or other options for resolving the debt. This includes but is not limited to, reducing the debts, restructuring them, or using the debtor’s assets to pay off the debts. The creditors’ meeting also allows both parties to get an understanding of each other’s situation and goals. This helps the creditors to make a decision on how best to handle the debt. In California, the creditors’ meeting is a formal process that is governed by the California Civil Code. The creditors’ meeting must be properly noticed and have certain rules of procedure. At the meeting, the debtor must present their financial information and can be questioned by the creditors. The creditor’s decisions are final and binding, and the debtor will usually be given time to come up with a satisfactory payment plan. If all parties are in agreement, they can enter into a written contract to memorialize the agreement.

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