Talking About Bankruptcy Services

Talking About Bankruptcy Services

What You Should Know About The First Meeting With Creditors In Chapter 13 Bankruptcy

by Carlos Gomez

Chapter 13 bankruptcy cases can be quite complicated, which is why you need a highly qualified and experienced Chapter 13 bankruptcy lawyer to guide you through each step. A crucial step in the process is the 341 meeting with creditors.

Read on to find out more about the meeting, what to expect during this step, and how your Chapter 13 bankruptcy lawyer can help.

Scheduling of Chapter 13 Bankruptcy Meeting

According to the bankruptcy regulations, you must go to a meeting of the creditors no sooner than 21-50 days after filing for Chapter 13 bankruptcy. Again, the meeting shouldn't take place more than 50 days following the filing date. The clerk of the bankruptcy court will send notice of the time and place for the meeting.

Purpose of the Meeting

The trustee-led meeting is quite informal, and the judge will not be in attendance. It is an opportunity for the trustees and creditors to verify the information in the filed bankruptcy paperwork and confirm that you have filed all the necessary documents. They will also ask about your financial affairs and discuss your proposed repayment with you and your Chapter 13 bankruptcy lawyer.

While you may want to skip attendance and have your Chapter 13 bankruptcy lawyer represent you, your attendance is mandatory. Ensure you clear some time in your schedule to attend the meeting. Even though it is referred to as a meeting with the creditors, most creditors don't attend but will leave the trustee to preside over the meeting.

Getting Ready for the Meeting

The trustee will have a list of documents required before the meeting. The trustee will outline the required documents in a letter to your Chapter 13 bankruptcy lawyer. You must ensure that these documents reach the trustee within the required deadline.

What Next?

Unless given an extension, the trustee and creditors have a few days after the first meeting to object to the repayment plan presented. If the objection lies with some legal issues, you can trust your Chapter 13 bankruptcy lawyer for legal representation to resolve these issues. Similarly, your lawyer can propose an alternative plan addressing all the concerns raised by the trustee or creditors.

You can also initiate the modification of the repayment plan after its confirmation. Your lawyer will present your proposal for approval, including the reasons for seeking the amendment, be it loss of income or illness.

Final Thoughts

It is crucial that you have a Chapter 13 bankruptcy lawyer to guide you through not just the meeting with creditors but the entire bankruptcy process. Insist on choosing a lawyer with specific experience handling Chapter 13 bankruptcy cases.

For more information, reach out to a chapter 13 bankruptcy law firm near you.


About Me

Talking About Bankruptcy Services

Hi there, I am Shirley Lorenzo. Without adequate car insurance, every accident has the risk of leading to bankruptcy. Car accident damage caused by an under-insured individual can result in the inability to even own a vehicle until it's paid. Thankfully, bankruptcy attorneys can help discharge those debts and restore finances to a positive status. Bankruptcy requires the use of an attorney to navigate the complicated set of laws governing the process. I will use this site to talk about the paperwork, procedures and meetings required while pursuing bankruptcy. I will also share my knowledge about common bankruptcy court procedures used to discharge debts. Thanks for visiting my site.