What Is The 341 Meeting Of Creditors?
The creditors meeting is when you attend a meeting room and answer questions of the bankruptcy trustee. Though it’s called a “Creditors Meeting”, creditors usually not attend.
Does This Take Place For All Types Of Bankruptcy?
Do I Have To Have Completed All Mandatory Classes Before The Meeting?
You do not have to take your second course before the creditors meeting though it is better if you do.
What Is The 341 Meeting Like?
It depends on which chapter of the bankruptcy code you have filed under. Also, every case is different depending on your mix of assets, income, debts, how well the petition was prepared, and other matters. In some cases the debtor simply answers about 12 questions; in other cases, there can be far more questions and the trustee can request documents and that you return at a future date for the further examination.
Will I See A Judge?
No. You will see a bankruptcy trustee who has been assigned to administer your case.
How Can I Prepare For This Meeting?
First, you should review your petition very carefully and be sure it is truthful, accurate and complete. If you have an attorney, he or she should also prepare you for the creditors meeting.
What Do I Bring With Me?
A valid government photo ID (usually your driver’s license or passport). It must be current and not expired. Also, your social security card. If you do not have a social security card there are substitute documents you can use, such as an original W-2 or 1009 or Medicare card so long as it has your entire SS number.
At What Point In The Bankruptcy Process Does This Meeting Take Place?
Approximately 30 – 40 days after you file your petition.
Who Is All Present At This Meeting?
You, your attorney if you have one, the trustee and occasionally a creditor.
What Questions Will The Trustee Ask Me At The 341 Hearing?
There are about 12 questions that trustees ask in all cases. There may be additional questions depending on your particular case. Your attorney should prepare you for those questions before seeing the trustee.
What If I Don’t Know Answers To The Trustee’s Questions At The 341 Meeting? Do I Have To Answer Everything?
You are required to answer all of the trustee’s questions. All questions relate to events in your life so you should be able to answer them. Some areas of inquiry can be a little difficult to navigate so your attorney should prepare you for those. If you truly do not know an answer just say so, but do not say you do not know the answer simply to avoid giving one.
What Happens Once My Bankruptcy 341 Meeting Is Over?
It depends on your individual case and on which chapter of the bankruptcy code you have filed under. Also, every case is different depending on your mix of assets, income, debts, how well the petition was prepared, and other matters. The trustee may request further documents and that you return at a future date for the further examination. If you have filed a chapter 13 bankruptcy there is still work to do to prepare for confirmation of your proposed plan of repayment. Your attorney should explain everything to you.
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