What is the Bankruptcy Meeting of Creditors in Arizona?

what is the bankruptcy meeting of creditors

What is the Bankruptcy Meeting of Creditors in Arizona?

what is the bankruptcy meeting of creditorsDuring bankruptcy, there are specific procedures that have to be followed. One of these particular steps is the meeting of creditors. You aren’t going to sit around a big table with the head of every company that you owe money to. This meeting is also called the 341 hearing, in which the trustee for your bankruptcy will ask you questions under oath regarding your petition for bankruptcy and the documentation you are required to provide them.

At this meeting, you will be required to provide two forms of identification to verify that the bankruptcy is not done fraudulently. The trustee uses this meeting to confirm that all bankruptcy petition papers are accurate and completed.

The Meeting of Creditors

The chances of seeing a judge during a Chapter 7 bankruptcy proceeding is slim. The court-appointed trustee handles most of the proceedings. This trustee handles multiple cases, not just yours. When you go for this meeting, chances are likely you will be one of several cases to be seen within a specified timeframe. This means that other filers will be present for your hearing and vice versa. If you are not at the beginning of the list, being present and watching the proceedings will give you an idea of how yours will go. Most trustees follow the same format.

Creditors are invited to attend this meeting but rarely attend. They are not given enough time to ask questions. Therefore it is not beneficial for them to be there. Most of the reasons they attend are if they feel you are hiding assets or are committing bankruptcy fraud.

Meeting Notification

When the time has come for the meeting of creditors in your specific bankruptcy case, the court will send you a notice.  This notice will advise you of the 341 hearing, the date it is being held, the time of your hearing, and where you will need to go to attend the hearing. Other pertinent information on this notice is worth keeping. The date of your bankruptcy filing and case number will be listed among the information on the paper. The name and contact information of the trustee appointed by the bankruptcy courts will also be available to you.

You will need your case number when you take your debtor education course, which is required when filing a bankruptcy. The case number and filing date can also be given to any creditors that call seeking payments. After the creditor verifies the information given, they will not be allowed to call you again until after the discharge.

The information for your trustee is essential. You will have specific documents, also referred to as 521 bankruptcy documents, that have to be provided to the trustee before the meeting of creditors can happen. Your creditors also receive the 341 hearing notification. It will inform them of the deadline dates regarding the discharge of debt and bankruptcy exemptions.

Click here for information on what can you include in bankruptcy in Arizona?

Attending the Meeting

When attending the 341 hearing, it is important to understand that the trustee is questioning you under oath. You are allowed to have an experienced Arizona bankruptcy lawyer present at this hearing. The trustee will ask you a series of questions about your debt and bankruptcy petition. The creditors, if present, will be allowed to ask questions if necessary. There is a possibility that a second hearing will be scheduled if any other information is needed. The thing to remember is that your legal representative will prepare you for this hearing. When you make the decision to file bankruptcy in the state of Arizona, make sure you call a bankruptcy lawyer to navigate your case.

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