Filing for bankruptcy can be a daunting and confusing process. The more you understand about what is going on, the better you’ll feel about the choice you’ve made.
The bankruptcy code has a language all its own. You’ll be hearing a lot of new terms. One of them is a “341 meeting.” It typically takes place about a month after the bankruptcy filing, once your financial documents and other paperwork have been reviewed by your court-appointed bankruptcy trustee. The number 341 simply refers to the section of the bankruptcy code where it’s detailed.
Who attends the meeting?
A 341 meeting is sometimes referred to as a “meeting of the creditors.” However, while creditors are notified of the meeting, they often don’t attend. You will be required to attend, along with your counsel, if you have one. Your trustee will be there as well.
What happens at the meeting?
Your bankruptcy trustee will question you based on the documents you’ve submitted about your assets, debts and expenses. They’ll want to know if you’re expecting any substantial sum of money (like an inheritance) in the near future. If any of your creditors do attend the meeting, they (or their attorneys) have the opportunity to ask questions as well.
A primary reason for the meeting is for the trustee to confirm with you that your documents are accurate and complete – and that you’ve provided everything required. You’re attesting to this information under oath, so it’s crucial to be truthful at all times. You’ll also need to verify your identity.
In a Chapter 7 bankruptcy, the trustee will confirm with you the nonexempt assets that are being sold. In a Chapter 13 bankruptcy, they’ll go over your repayment plan.
The 341 meeting is a key step before the court grants your bankruptcy discharge. Therefore, it’s crucial to be prepared for it. Having trusted legal guidance can make all the difference.