A creditors meeting, also known as a 341 meeting, must be called after a bankruptcy case is filed. Here are the key points regarding when and how this meeting is called:
Timing
The meeting is typically scheduled between 20 days and 60 days after the debtor files for bankruptcy. 15
Notification
The court clerk sends a notice of the meeting to the debtor and all creditors listed in the bankruptcy petition. This notice includes the date, time, and location of the meeting. 14
Mandatory Attendance
The debtor must attend this meeting. In the case of a corporation or partnership, a responsible officer of the business must also attend. 13
Purpose
The meeting allows the trustee and creditors to ask the debtor questions under oath about their financial situation and the information provided in the bankruptcy filing. 15
Conduct
The meeting is conducted by the trustee assigned to the case, not by a bankruptcy judge. 36In summary, a creditors meeting must be called shortly after a bankruptcy case is filed, and it is a mandatory step in the bankruptcy process that allows for the examination of the debtor's financial position.
