“Meeting Of Creditors”-Things You Need To Know

Many people filing for Chapter 7 Bankruptcy Chicago are told that they will not have to go to court. This is true but they will have to go to a short formal meeting called-“meeting of creditors”. It is also referred to as-“341 hearing”. The attorneys at the law offices of Chang and Carlin, LLP can explain what the meeting is all about and what should be done in such meetings.

To a layman the term-“Meeting of Creditors”, may sound like a meeting where you would be facing the creditors. But, the term actually is a misnomer. It is not a gathering of you and your creditors during which they complain to you about filing bankruptcy, in fact, most of the time they don’t even go. The ones which tend to be there are those which have collateral—such as your vehicle or furniture creditors—and then it’s often convenient to everybody that they are there, to make appropriate arrangements with the collateral. 

According to the experienced Chapter 7 and Chapter 13  Bankruptcy lawyer Chicago at the law offices of Chang and Carlin, most of the creditor meetings have no creditors attending and those creditors who do actually attend are completely unaware of the format and do not ask the sort of questions they should be asking in order to safeguard their interests. Many creditors’ meetings occur without any of the creditors saying a word.

Getting prepared for the meeting

1.     Upon receipt of the “notice of creditors’ meeting” it is important to ensure that the notice is in fact a valid notice in compliance with the Companies Acts. In particular, a valid notice must be sent to creditors at least 10 days prior to the date of the meeting.

2.     Prior to the Meeting of Creditors you should meet with your attorney to discuss your bankruptcy petition and documents.

3.     If you do not have an attorney, you should be prepared to be probed about your financial circumstances and your bankruptcy petition.

4.     Make sure to bring a government-issued picture identification card and your Social Security Card to the Meeting of Creditors.

Since it is difficult to predict what you will be asked at the meeting of creditors, it’s always good to be thoroughly prepared and seek the assistance of experienced Chicago Bankruptcy lawyers like lawyers at the law offices of Chang and Carlin. The bankruptcy attorneys at Chang and Carlin, LLP will help you overcome all the difficulties and make the bankruptcy filing process easy for you.

Free No Obligation Bankruptcy Consultation

Our experienced bankruptcy lawyers in Chicago can help you determine if bankruptcy is the right option for you, and will work with you to get your finances under control. For more information on Bankruptcy law or to schedule a FREE initial bankruptcy consultation, contact Chang and Carlin, LLP today!

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.