OF TERMS - PAGE 10
Meeting of Creditors
— Also known as the Section 341 (a) Meeting or First Meeting of
Creditors. This is an opportunity for the Trustee and the
creditors to question the debtor with the debtor’s attorney
present, about assets, statements made by the debtors in the
bankruptcy schedules, etc. All questions are answered under oath.
Modification of Plan
— A repayment plan, normally filed in a Chapter 13 or Chapter 11
bankruptcy, can be modified to change the amount paid to classes
within the plan. This can only be done with the Court’s
Motion — A
formal request to a court to allow or require a specific legal
— Purchases that are required for the sustenance of life without
being excessive. For example, food, clothing, shelter, etc.