What is a Bankruptcy 341 Meeting of Creditors?
The Bankruptcy 341 Meeting of Creditors.
Once you have filed your bankruptcy case, you will have to attend a 341 Meeting of Creditors. You may also hear it called a “trustee meeting,” or just “341 Meeting.” This meeting is named after section 341 of the bankruptcy code. This meeting typically takes place about a month after you have officially filed. Your attorney will advise you of the date of the meeting and will appear with you. This meeting involves you, your attorney, the trustee, and any creditors that wish to attend. The trustee is an attorney who is assigned to look for assets. If you have valuable assets, it is not fair to creditors to keep them but not repay something. Both Chapter 7 and chapter 13 cases will have a 341 Meeting. This meeting can be complicated if you don’t have a bankruptcy attorney.
Trustee Asks Questions.
One of the main reasons for the 341 Meeting of Creditors is for the trustee to ask any questions he or she may have. The bankruptcy trustee is there to make sure creditors are being treated fairly. The trustee will swear you in so you will be answering the questions under oath. The trustee may ask about things you own or things you have owned recently. All of these things should have already been disclosed in the paperwork. If you have an attorney who prepared the paperwork, you shouldn’t expect any surprises. Your bankruptcy attorney will meet with you prior to prepare you for the meeting.
Creditors Ask Questions.
In most cases, very few creditors will take the time to appear at a 341 Meeting of Creditors. They are always invited to appear at the meeting but most will not. Creditors know the trustee is checking over the case. If creditors do choose to attend the 341 Meeting of Creditors, they may ask additional questions that they see as relevant to the case. Again, this is quite rare.
Additional Paperwork.
Your bankruptcy attorney will make every effort to ensure all necessary documents have been provided in the initial filing. In the event that something comes up in the 341 Meeting of Creditors, your trustee may ask you to submit additional documents. You will be have to show photo identification and your social security card to prove your identity. If you are asked to give more information, your bankruptcy attorney will ask you to provide that to him or her.
It is important to have a bankruptcy attorney present at your 341 Meeting of Creditors. Appearing at this meeting alone can result in mistakes that can cause problems for your case. If you are considering filing bankruptcy, contact me today for more information.
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Sean C. Paul is licensed to practice law in the State of Missouri. His practice is located in south St. Louis County. He can help you with your Chapter 7 or Chapter 13 Bankruptcy case.Sean C. Paul will give you the individual attention you deserve. He will meet with you one-on-one to determine how he can help you. If you are considering filing bankruptcy in Missouri, please call today. |