Form with which the secretary of a corporation notifies all necessary parties of the date, time, and place of a special meeting of the board of directors.
Special Meeting Of Creditors In Suffolk
State:
Multi-State
County:
Suffolk
Control #:
US-0014-CR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
This meeting of creditors is a critical part of the bankruptcy process, and it's normal to feel some concern. Many people experience 341 meeting anxiety, worrying about what will happen, if creditors will attend, and whether they'll say the wrong thing. But don't worry—it's not as overwhelming as it might seem.
During this meeting, you must answer questions posed by the trustee to confirm your identity and financial disclosures. Now, in most consumer cases, creditors don't attend the 341 meeting, even though it's called the meeting of creditors. In probably 95, if not 98% of cases, no creditors actually attend.
The meeting of creditors (also called the 341 hearing) is a mandatory hearing almost all bankruptcy debtors must attend. At the 341 hearing, creditors have the right to ask questions about your bankruptcy papers and financial affairs under oath. But in most cases, creditors rarely attend 341 hearings.
Although you will usually be on the phone for 30-45 minutes your meeting of the creditors (341 Meeting) will usually last about five (5) minutes. A Chapter 7 or 13 Trustee will ask you basic questions many that are listed below. Creditors usually do not show up for this meeting.
However, you should also treat the trustee with respect and courtesy by being prepared for your hearing and truthful in your responses. In most cases, 341 Meeting horror stories happen because a person hired an inexperienced bankruptcy attorney, files bankruptcy without a lawyer, or hires a lousy attorney.
Creditors might attend as well, although in many bankruptcy cases creditors do not show up. The trustee will swear you in and ask a series of questions under oath. If satisfied, the trustee will conclude the hearing. Otherwise, the trustee will continue it until another day.
A) Purpose of 341(a) Meeting - Soon after a bankruptcy case is filed, a meeting is held so that creditors and the trustee can ask questions about the debtor's financial situation.
An individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors ...
Chapter 7 Bankruptcy Forms B 101 Voluntary Petition for Individuals Filing for Bankruptcy or B 105 Involuntary Petition Against an Individual. B 106 Sum A Summary of Your Assets and Liabilities and Certain Statistical Information. B 106A/B Schedule A/B: Property.
There is no minimum amount of debt required to file for bankruptcy. Because of legal fees and long-term financial consequences, it may not be worth filing with less than $10,000 in dischargeable debt. Filing for bankruptcy is best reserved as a last resort because it is expensive and will damage your credit.
