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What Is a Creditors Meeting Before Bankruptcy?

April 13, 2021

When a person files for bankruptcy in the state of New Jersey, there are a number of qualifications they must meet in order to be considered eligible. When you begin the bankruptcy process, you will be required to provide the bankruptcy court information regarding all of your assets, debts, income, leases, and a statement of net worth. You will also be required to take a credit counseling course either over the phone or online. This test simply gives you advice on how to manage your finances.

After all of these requirements are met and you have officially filed your petition, you will have to attend a Meeting of Creditors, which is also referred to as a 341(a) meeting. This takes place a few weeks after you have filed for bankruptcy. You and your bankruptcy attorney will meet with the trustee and all of your creditors to discuss the situation. The creditors are permitted to ask you a few questions that will assist them in creating a defense to the court as to why you should be required to pay the debts. If you are filing for Chapter 13 bankruptcy, you will likely discuss a repayment plan. This meeting usually takes place in a courthouse and in most cases, it is the only time you will have to go during a bankruptcy.

If you need assistance in filing for bankruptcy, contact our firm today.

Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.