What Is Meeting With The Creditors?
What Is Meeting With The Creditors?
What Is Meeting With The Creditors?
Whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will be scheduled a 341 meeting (also known as meeting with the creditors). Unlike any other law proceedings, 341 meeting is not conducted inside a court, and there is no judge present in the meeting. The 341 meeting is run by a trustee who has been assigned to your bankruptcy case. The 341 meeting is generally the only legal meeting that you will have to attend before the verdict of the bankruptcy discharge is given out. In this meeting, the trustee will be responsible for gathering all the facts surrounding your case, and making sure that the petition packet is complete.
What Goes On In the 341 Meeting?
When you arrived at your 341 meeting, you will most likely be there with other people who are there for their 341 meeting also. 341 meeting is structured to be short and sweet. Since there will be other 341 meetings before yours, it is a good idea to arrive early to familiarize yourself with the entire process. The trustee will make you go under oath and swear to tell the truth. The 341 meeting will be recorded by a court reporter or taped for accuracy.
The main intention of the 341 meeting is for the trustee to gather all the facts regarding your bankruptcy petition. The trustee has the power to question you about the assets or liabilities you have listed in your bankruptcy petition. The trustee's job is to gather all the pertinent information related to your bankruptcy petition. If the trustee needs additional clarification on asset X or liability Y, you will have to submit that information. The main objective of the 341 meeting is for the trustee to clear up any discrepancies that can assist the bankruptcy court to determine if the bankruptcy discharge can be warranted.
Some of the questions that the trustee might ask you are:
Did you list all of your debts?
Is this your legal name and your social security number?
Did you read all the schedules prior to signing them?
Are the schedules accurately represented?
Have you lived outside of this state for the past 2 years?
Do you want to make any modifications to the schedules?
Has your attorney gone over the bankruptcy papers with you and do you comprehend every single line item
Will the creditors be present in the meeting?
The creditors are informed of the date of the 341 meeting, but they usually do not attend. If the creditors want to contest that your debt should survive the bankruptcy, they have up to 45 days of the 341 meeting to do so.
Issues that will not happen at the 341 meeting
Since 341 meeting is a fact assembly meeting, nothing can be decided then. Here are some of the things you will not have to worry about:
No rights are awarded or lost
You do not have to justify why you are filing for bankruptcy
Creditors do not have to be present to object to the discharge
After attending the 341 meeting, what is next?
After you have attended your 341 meeting, you will have to take your post bankruptcy credit counseling course. When you have completed the post bankruptcy credit counseling course, you will attach the credit counseling certification to the bankruptcy petition. With all your supporting documents and bankruptcy petition in order, within 30-45 days after the 341 meeting, you will hopefully receive your bankruptcy discharge.
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