Definition - What does Creditors Meeting mean?
A creditors meeting is one of the first things that takes place after a person or entity files for bankruptcy in the United States. A creditors meeting usually takes place in a bankruptcy court. The purpose of a creditors meeting is to allow all the creditors of a specific person or entity to all come together to present their claims to the court. It is also known as a meeting of creditors or a 341 meeting.
Justipedia explains Creditors Meeting
The debtor is required to be present at a creditors meeting. Also, it is during this initial creditors meeting that a Trustee is picked. The Trustee will be in charge of helping the debtor determine what assets the debtor needs to pay and to whom the debtor needs to pay them. Also, it is usually during the creditors meeting when the creditors have the opportunity to uniformly vote to accept or deny a debtor's plan for dividing the assets that the debtor still has.
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