What Happens After The 341 Meeting Of Creditors Is Over?
Generally, once the debtors complete the meeting of creditors, their involvement in the case is pretty much done. All they have to do is make sure that they have completed their credit management class.
If they have a car or a vehicle of some type and they want to reaffirm the debt, which means that they say I know I am filing bankruptcy on all of my creditors, but I want to keep this car and I want to keep the loan in force and I want to keep all my rights under the contract. So what the debtor will do is that they will sign a reaffirmation agreement that says “Okay, I understand I filed but I agree to keep the debt just like it was before the filing of the bankruptcy case”. By doing so, the debtors will have a positive credit reference on their credit reports and will help them improve their credit score after they get their bankruptcy discharge. That is the main thing that takes place after the 341 hearing other than making sure you have your second class completed and that the certificate has been filed with the bankruptcy court. Other than that, the debtor is just waiting to get their discharge.
If you have more questions regarding the Meeting of Creditors, call the law firm of Steven F. Bliss at (760) 412-2800
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