"What Happens After 341 Meeting"
When a debtor files for Chapter 11 bankruptcy, they must attend a 341 meeting of creditors. This meeting is an opportunity for the court-appointed trustee to ask questions of the debtor and to receive information about their finances. As the name implies, it typically takes place within 34 days of filing for bankruptcy protection. But what happens after the 341 meeting?
Depending on whether or not there are objections from creditors or other parties involved in the case, there may be additional hearings scheduled by the court. If no objections are raised, then a plan of reorganization can be filed with the court outlining how debts will be repaid. If approved by both creditors and the court, this plan will become legally binding and guide debt repayment moving forward.
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