Chapter 13 bankruptcy petitioners create repayment plans to satisfy their outstanding debts that are eligible for bankruptcy discharge. As you might imagine, creditors are very interested in the terms of the repayment plan because it determines how much they will be paid. Accordingly, Chapter 13 bankruptcy rules require that a creditors meeting be held to review the repayment plan.
As a bankruptcy petitioner, the idea of this meeting may fill you with dread. However, understanding what happens at the meeting and having an experienced Minneapolis bankruptcy lawyer with you can make you more comfortable.
What To Expect at a Chapter 13 Creditors Meeting
A Chapter 13 creditors meeting, also known as a 341 meeting, occurs before the repayment plan is approved by the Bankruptcy Court. The bankruptcy petitioner is required to attend the meeting. As the petitioner, you may bring your Minnesota bankruptcy lawyer with you. Creditors are invited to attend the meeting and may, or may not, attend.
As the bankruptcy petitioner, you will be placed under oath and be asked to answer any questions that the creditor or bankruptcy trustee has about your repayment plan. The purpose of the meeting is not to develop a repayment plan, but to make sure that any reasonable questions related to your assets, liabilities, income or ability to repay your debts are answered.
Contact an Experienced Minneapolis Bankruptcy Lawyer for Help
Your Minnesota bankruptcy attorney will not allow you to go into a creditors meeting unprepared. To contact a Minneapolis bankruptcy attorney, please call MN (952) 920-1001 or AZ (480) 207-2203.
We also invite you to read our FREE book about bankruptcy: What You Need to Know About Filing Bankruptcy in Minnesota.