Credit Card Glossary: Terms and Definitions
A meeting of creditors is an important gateway event in bankruptcy cases. It is a meeting in which the bankruptcy trustee, who is a court official, will verify debtors’ identities, verify the accuracy of forms, confirm tax statements and the status of various debts. The official will also ask what property the debtors intend to keep and how they will pay for it. The creditors’ meeting is often called a 341 meeting, because it takes place due to section 341 of the U.S. Bankruptcy Code. Those filing bankruptcy must attend the meeting of creditors.