Student Loans and Bankruptcy

Student Loans and Bankruptcy

Worried About Your Creditor's Meeting? What To Know

Roy Sanders

A chapter 7 bankruptcy filing is a big deal, and it pays to understand the full ramifications. One thing most filers get unnecessarily worried about, though, is unworthy of a single sleepless night. Read on and find out what happens at the creditor's meeting.

  1. The official name of this meeting is the 341 meeting, so named after the bankruptcy code number. It is usually held a few weeks after you file, and you will be sent notice of it by mail. As with nearly all communications about your bankruptcy, the correspondence will come from the person administering your bankruptcy, your trustee.
  2. You will be provided with directions in the letter. Be sure to note details like where to park. Since bankruptcy is a federal affair, the creditor's meeting is usually held in a federal building like a courthouse. The meeting itself might be held in a courtroom, but it may also take place in a large room.
  3. Most government buildings require that visitors pass through security checkpoints and metal detectors. Be sure to leave enough time since lines can form before large events like a creditor's meeting or a big trial.
  4. Creditor's meetings are public in nature, but that is not why there are so many other people in the room when you arrive. You are not the only one being called to the creditor's meeting, so don't expect privacy. In most cases, names are called alphabetically by the last name, and you may leave once your business is complete.
  5. The name of the meeting makes it sound as if you are going to face the people representing your credit cards or other debts. Very few, if any, creditors ever attend the creditor's meeting. In most cases, creditors with an objection to a debt being listed on a bankruptcy will contact your trustee and bankruptcy lawyer instead.
  6. The real reason for the creditor's meeting is that all debtors must appear in person to swear under oath that the information on the bankruptcy paperwork is correct and true.
  7. No matter what happens at the meeting, your attorney will be present to help if something unexpected happens — but it almost never does.
  8. Once your name is called, you should stand and be sworn in to tell the truth. The trustee will then ask you a few simple questions about filing your federal taxes, whether the info on your forms is correct, etc. Your lawyer can help you understand what questions to expect prior to the meeting.

To find out more, contact a lawyer at a bankruptcy law firm.


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About Me
Student Loans and Bankruptcy

Thank you for visiting my website. My name is Melanie. I am a 31-year-old woman who recently found myself unable to pay my bills following a devastating divorce. I created this website because I know there are a lot of misconceptions out there about filing for bankruptcy when you have student loans. I read about many of these misconceptions when doing my own research. Ultimately, I hired an attorney who helped me learn the truth. If you have loans, you may be able to get them discharged, though it is challenging and rare. If you are drowning in debt and have student loans as well, I hope my website helps you learn about bankruptcy and how student loans may affect it.