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Denver Lawyer Clark Daniel Dray

Meeting of Creditors

Reliable 341 Hearing Attorney in Broomfield, CO

Have you ever wondered what happens if you become involved in a bankruptcy case in Broomfield, Colorado? Each entity or party claiming bankruptcy must participate in a creditors’ meeting. This participation is mandated under Section 341 of the bankruptcy code. The creditors’ meeting is referred to as “the 341 meeting.” 

We at the law office of Clark Daniel Dray make sure you and your families are protected against unfair and unlawful claims of debts. Clark Dray is knowledgeable in laws involving bankruptcy relief, having experienced the recession’s downsides. Contact the law office of Clark Daniel Dray if you want to get more information regarding the firm’s services: 

Why do I need a 341 Meeting of Creditors in Colorado?

Competent and skilled bankruptcy attorneys play an essential role in equipping clients to win their cases. This attorney knows effective ways to present sound arguments in favor of their clients’ cases. Below are the other reasons why clients need attorneys to represent them in hearings and meetings: 

Help creditors decide whether or not to proceed in filing their cases. 

meeting of creditors broomfield, co  Bankruptcy attorneys can present to clients the pros and cons of complying with the associated laws of bankruptcy. Although bankruptcy is a great method to eliminate debt, it may not be the best solution for your case. We will help you discern among the possible options so you can make an informed decision on your finances. 

Advise clients on which kind of bankruptcy to opt for filing. 

Bankruptcy cases are comprised of two types: Chapter 7 and Chapter 13. Bankruptcy attorneys can:

  • Provide the pros and cons of each chapter.
  • Advise which property can be feasible for clients to present as collateral sources. 
  • Provide information that pertains to the tax consequences that come about from bankruptcy cases. 
  • Advise as to whether or not clients should progressively make payments to their creditors. 

The Law Office of Clark Daniel Dray caters to Chapter 7 and Chapter 13 bankruptcy cases. Our lawyers know how to make sound arguments during a meeting of creditors Broomfield to reason out about the fairness the cases angle toward. 

Clark Dray possesses all the above traits and will likely surpass clients’ expectations. For more information and legal advice on hiring Broomfield law firm’s services, please contact us by filling out the form. 

What is the Meeting of Creditors?

The 341 hearing serves to verify the information you’ve submitted in your bankruptcy petition is accurate. The trustee will question you under oath. Most of the assessments of the trustees will revolve around your assets. Creditors can also ask questions about your debt issues during creditor meetings. 

The meeting of creditors is set to commence as the bankruptcy court clerk schedules it a few days after bankruptcy cases take effect. The other significant dates, deadlines, and important occasions are announced soon after that. The bankruptcy clerk is the person who is going to disclose the time and place for the meeting of creditors to all entities included in the bankruptcy case. The 341 hearings are conducted within the district of an individual bankruptcy court. 

Who can file for bankruptcy?

Most people or businesses that have properties in the United States (i.e., permanent residences or companies) can initiate the filing of Chapter 7 bankruptcy. Any self-employed or unincorporated individual business can file for Chapter 13 bankruptcy if the total amounts of their secured and unsecured debts are below $2,750,000 when the claims are made. 

If you want to ensure that your bankruptcy petition follows bankruptcy law, call our Broomfield bankruptcy lawyer to schedule a consultation.

How to file for bankruptcy in Colorado?

Chapter 7 and Chapter 13 

  • Collect your bankruptcy documents, 
  • Participate in credit counseling. 
  • Fill out the bankruptcy forms. 
  • Pay your court filing fee.
  • File the forms with the Colorado bankruptcy court. 
  • Mail the documents to your trustee. 

What are the benefits of filing bankruptcy?

Chapter 7: 

This lets you eliminate your debt much faster. Most of the Chapter 7 bankruptcies take less than six months. Additionally, debtors filing Chapter 7 bankruptcy are not mandated to repay outstanding debts. 

Chapter 13: 

Chapter 13 filers are usually those who want to keep their assets or do not qualify for Chapter 7. People who file for Chapter 13 bankruptcy can stop the foreclosure proceedings and may remove delinquent mortgage payments as time passes. 

If you have any questions about which chapter is best for you, consult our Broomfield bankruptcy attorney today!

What Happens After a 341 Meeting of Creditors 

The trustees end the creditors’ meetings with the decision to facilitate another kind of hearing or dismiss the debtors’ debts. If the trustees or creditors need more documents or questions answered, there will be another meeting of the same kind the next day. There will be no need for another creditors meeting once the debtors’ debts have been dismissed. 

Debtors who file for Chapter 7 will file their debtor education certificate and be on standby for debt dismissal. Debtors who file for Chapter 13 will attend repayment confirmation meetings. Once the courts approve the payment plans, the debtors will typically make payments for their debts in the course of three to five years. Debtors and creditors need to take note that 341 hearings can be postponed if they fail to bring pertinent documents or other requirements. 

If you have any questions about the 341 hearing, our Broomfield bankruptcy attorney is here to help! Call our law firm today to schedule a consultation. 

Call our Broomfield Attorneys for Creditor Meetings Now!

Not attending the creditors’ meetings can entail more serious legal consequences for the parties involved in bankruptcy cases. As always, clients are welcome to hire the representation of the law office of Clark Daniel Dray in these meetings. Legal hurdles can cause anxiety and be fearful. Schedule your free consultation soon to help you navigate the challenges integrated with your bankruptcy case, thus, relieving you from dealing with major legal hurdles. 

Clark Daniel Dray’s law office also offers clients estate planning legal services. 

Denver Lawyer Clark Daniel Dray

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