meeting of creditors

meeting of creditors
meet·ing of creditors: a hearing held pursuant to section 341 of the Bankruptcy Code at which a bankrupt debtor is required to submit to examination under oath by creditors who may also elect a trustee if one has not already been appointed

Merriam-Webster’s Dictionary of Law. . 1996.

meeting of creditors
A meeting the debtor must attend in a bankruptcy case with the bankruptcy trustee and any creditors who choose to attend. Typically, the trustee reviews the debtor's papers and may ask a few questions; creditors also have the opportunity to ask questions. In a Chapter 7 case, creditors rarely attend, and the meeting takes only a few minutes. In a Chapter 13 case, creditors are more likely to attend, particularly if they wish to challenge the debtor's repayment plan.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Nolo’s Plain-English Law Dictionary. . 2009.

meeting of creditors
USA
Section 341 meeting. Also known as meeting of creditors, creditors' meeting, and first meeting of creditors.
The first meeting of creditors required by Section 341 of the Bankruptcy Code at which an executive officer of the debtor is questioned under oath regarding the debtor's financial affairs.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


meeting of creditors
One of the first steps in federal bankruptcy proceedings whereby the creditors of a debtor meet in court to present their claims against him or her and a trustee is named to handle the application of the debtor's assets to pay his or her debts.

Dictionary from West's Encyclopedia of American Law. 2005.


meeting of creditors
One of the first steps in federal bankruptcy proceedings whereby the creditors of a debtor meet in court to present their claims against him or her and a trustee is named to handle the application of the debtor's assets to pay his or her debts.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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