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LSDefine

Simple English definitions for legal terms

Meeting of Creditors

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A quick definition of Meeting of Creditors:

A meeting of creditors is a meeting where the person who owes money (called the debtor) meets with a person who is in charge of the bankruptcy case (called the trustee). The trustee checks to make sure that the debtor's paperwork is correct and that they are not lying or cheating. The meeting usually happens about a month after the debtor files for bankruptcy. The debtor has to go to the meeting, but the creditors don't have to. If the meeting goes well, the debtor's debts will be forgiven.

A more thorough explanation:

A meeting of creditors is a meeting that takes place during a bankruptcy case. It is presided over by the United States trustees and is regulated under Section 341 of Title 11 U.S. Code. This meeting is also known as a “341 meeting”. The purpose of the meeting is to confirm the accuracy of the documents filed by the debtor and to detect possible bankruptcy fraud.

The meeting of creditors usually takes place about a month after the debtor files for bankruptcy. While creditors are not required to attend, they may attend and ask questions. The debtor, however, must attend the meeting. The trustees will try to prevent bankruptcy fraud by determining whether there are any assets that are not protected through exemptions.

For example, if a debtor files for bankruptcy and claims that they have no assets, but the trustees discover that they have a valuable piece of property that is not exempt, the trustees may sell the property to pay off the debtor’s creditors.

The meeting of creditors is usually short, lasting only about 10 minutes. After the meeting, if all questions have been asked and answered, the bankruptcy proceeding will automatically proceed to a discharge of debt in most cases.

For example, if a debtor has filed for bankruptcy and has completed the meeting of creditors, and there are no objections from creditors, the debtor’s debts will be discharged, and they will no longer be responsible for paying them back.

Meet and Confer | Meeting of the Minds

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[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
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