After the debtor files bankruptcy, the United States trustee will schedule a
meeting of the creditors. This meeting is commonly called a 341 meeting, because
Section 341 of Title 11 of the U.S. Code outlines the meeting requirements of
the creditors.
The court may not attend the 341 meeting. Only the United
States trustee and its attorney, the debtor and his or her attorney, and the
creditors may be present.
Before the creditors enter into the 341 meeting,
and once again at the meeting, the trustee will advise the debtor of the
following:
- How filing bankruptcy will affect the debtor, including the effects of
filing on the debtor’s credit history.
- The rules regarding the debtor’s ability to file bankruptcy under a
different chapter.
- What happens when the debtor receives a discharge of debts.
- The effect of reaffirming a debt, including the debtor’s knowledge of the
provisions of section 524 (d) of this title.
The free
Bankruptcy Worksheet
is a good place to start for anyone considering the legal issues
surrounding personal or business bankruptcy. Or, you can
find a bankruptcy lawyer for legal help, credit and bankruptcy information and bankruptcy filing questions.