What is A Creditors Meeting In A Bankruptcy?

Whenever a debtor files a petition for bankruptcy protection, they must attend the first meeting of creditors, usually scheduled 30 days after the filing. This meeting is also called the 341 meeting, which is a reference to the bankruptcy code. Once the meeting starts, there are certain requirements that take place. If there are discrepancies or disputed claims, other meetings similar to a deposition could take place. A creditors meeting is one of the initial steps that must takeplace before a bankruptcy is completed.