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On The Law - Thoughts of a Pennsylvania Lawyer 
Sunday, January 21 2018
341 Meeting of Creditors explained by Attorney practicing in MckKean, Potter, Tioga and Lycoming Counties
Today's post is about the Meeting of Creditors in a Bankruptcy Case. Our firm handles cases in Lycoming, Tioga, Potter, McKean, Elk and Cameron Counties. If you have looked into Bankruptcy, then you have probably come across something talking about a 341 Meeting of Creditors. But what is the purpose of the meeting and what happens there? The meeting of creditors gets its name from section 341 of the Bankruptcy Code. The 341 meeting of creditors is, in my opinion, a misnomer in as much as creditors very, very rarely come to the meeting. That is good news. It means that you will not have to worry about seeing a representative of the bank, or hospital, or credit card company. The primary purpose of the meeting is so that the attorney serving as a Trustee in the bankruptcy case can verify under oath and by reviewing documents who you are and also to ask you questions about the bankruptcy petition that you filed. The Trustee will ask you if you read the Petition and signed it. He will ask you if you read and understood the bankruptcy information sheet provided by the Office of the Trustee. He might then ask you specific questions about your Petition such as "How did you determine the value of your home?" The meeting does allow creditors to attend. Out of all of the filings that I have done, I have had a creditor attend one time. In that case, it was because the debtor was surrendering a tractor-trailer and the creditor wanted to know where the truck was located. Most 341 meetings last ten minutes or less, and if you have been honest in your Petition and the Petition was prepared by a competent attorney, then you have absolutely nothing to worry about. When you are ready to file for bankruptcy, you can count on us. Call our bankruptcy attorneys if you live in Williamsport, PA 17701 or the surrounding areas. We offer appointments in person and by telephone. If you are in trouble, pick up the phone. Come see us. We do not charge for an initial bankruptcy appointment. Leave our office armed with powerful information about your true choices. (570) 309-6690. In addition to family law, personal injury and car accident cases, our lawyers file bankruptcy for people in Williamsport, PA 17701, 17702 and for people in McKean County, Tioga County, and Potter County 16915 (814) 274-8612.
Posted by: AT 03:47 pm   |  Permalink   |  Email
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