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How to File Bankruptcy in Montana

Once an individual or a married couple has successfully filed for bankruptcy in the state of Montana, the trustee assigned to oversee the case will call a first 341 meeting with the debtor’s creditors and the debtor must be in attendance.  The number 341 is derived from the section of the bankruptcy code that pertains to a meeting with the creditors.  This meeting will generally take place approximately 30 days following the initial bankruptcy filing.  Chapter 7 bankruptcy meetings are seldom attended by the creditors and only a couple may show for a Chapter 13 bankruptcy meeting if they need additional information or anticipate a dispute about the final plan.  Any objections that are raised during the creditor’s meeting will be hashed out either between the debtor, the debtor and the debtor’s legal counsel and the creditor.  If there are issues that cannot be resolved, a judge will step in to make the final decision.

341 Meeting of Creditors
Approximately a month after filing, the trustee will call a first meeting of creditors, which the debtor must attend. This proceeding is also referred to as the § 341 meeting, named after the corresponding section of the bankruptcy code. Creditors rarely attend a Chapter 7 bankruptcy meeting; one or two creditors may attend a Chapter 13 meeting, especially if there is a question as to the legitimacy of some aspect of the plan. Objections are typically resolved by negotiation between the debtor or the debtor’s counsel and the creditor. If a compromise can not be reached, a judge will intervene.

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