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CREDITOR'S MEETING OR 341 MEETING OF CREDITORS: A creditor generally receives a written notice specifying the date of this meeting from the Bankruptcy Court or the Trustee. However, for a variety of reasons, creditors often may not receive notices, or may not be aware that notices were received. Creditors are generally not required to participate in a creditor's meeting, but in some instances, appearance at this meeting may give a creditor an early chance to determine how to pursue its claim. Always consult your legal counsel when you are made aware of the filing of bankruptcy by a debtor.
Chapter 7 or 11
Chapter 12
Chapter 13
LAWDOG is intended to assist in the understanding of basic concepts. See Disclaimer. Always obtain legal advice from legal professionals.
Bankruptcy Rules Rule 2003 (a) provides that:
"In a chapter 7 liquidation or a chapter 11 reorganization case, the United States trustee shall call a meeting of creditors to be held no fewer than 20 and no more than 40 days after the order of relief."
Bankruptcy Rules Rule 2003(a) provides:
"In a chapter 12 family farmer debt adjustment case, the United States trustee shall call a meeting of creditors to be held no fewer than 20 and no more than 35 days after the order of relief."
Bankruptcy Rules Rule 2003(a) provides:
"In a chapter 13 individual's debt adjustment case, the United States trustee shall call a meeting of creditors to be held no fewer than 20 and no more than 50 days after the order of relief."
Portions of Bankruptcy Rules Rule 2003 is included below for illustration purposes only.
