Tag Archives: Business

Chapter 11 Bankruptcy and the 341 Meeting of Creditors

In the beginning stages of filing for Chapter 11 bankruptcy, a meeting with a U.S. Trustee and in some cases, creditors, is required. The 341 meeting of creditors allows all parties to ask a debtor questions under oath about his or her financial situation. While the meeting does not follow courtroom procedures, a debtor is still under oath. What Might Happen During the 341 Meeting of Creditors? Let’s use a hypothetical scenario to make this a bit easier to follow. Jennifer owns a local chain of furniture stores in the Kansas City area, but a sluggish economy has put her into a position where debts have become insurmountable and profits have dwindled. She hires a bankruptcy attorney, files a Chapter 11 petition, and shortly thereafter is called to attend the 341 meeting of creditors, conducted by a representative of the U.S. Trustee’s Office. Jennifer meets with her attorney beforehand. They…
Read More »

Posted in Bankruptcy | Tagged | Leave a comment