money and financial problems

Law about consumer financial problems

341 notice

Definition

In a bankruptcy case, a notice sent to creditors when a bankruptcy petition is filed, naming the trustee (in chapter 7, 12, and 13 cases), setting the date and time of the 341 meeting — the first meeting of creditors, and setting deadlines, including for creditors to file objections to the debtor's discharge of debt in a chapter 7 bankruptcy case. 

 

341 meeting

Definition

In a bankruptcy case, a meeting of creditors or equity security holders convened by and presided over by the United States trustee. A meeting of creditors is mandatory whereas a meeting of equity security holders is discretionary. During a 341 meeting, the United States trustee must ask the debtor questions to ensure that he or she is aware of the consequences of discharging and reaffirming debts in bankruptcy. 

 

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