Meeting of the Creditors - Definition
11 U.S.C. Sec. 341 requirement to meet with the Trustee
|The legal definition of "Meeting of the Creditors" - According to Section 341 of the Code, all debtors in Chapter 7 or 13 must attend a meeting with the Trustee assigned to administrate the case. During this meeting, debtors are placed under oath, questioned by the Trustee, and provide with legal disclosures. Creditors may also attend and ask questions while the debtor remains under oath.|
The meeting of the creditors offer debtors several distinct opportunities. First, meeting the trustee allows debtors to discover whether the trustee is expected to approve or contest relief allowed. Also, debtors will observe which creditors are interested in the case and how likely they are to file objections. At the meeting, debtors are placed under oath. Any special area of questioning by the trustee indicates potential areas of interest, non-compliance, and potential objections. If all goes well at the meeting of the creditors, most debtors are relieved that the potential for uneventful discharge and/or confirmation will follow.