Bankruptcy Lawyer | A 341 Meeting of Creditors
Bankruptcy Lawyer . After a bankruptcy filing, you will be scheduled for what is termed a “341 meeting.” It is also sometimes called the “meeting of the creditors.” The term 341 comes from the number on the section of the Bankruptcy Code that requires the meeting as part of a bankruptcy proceeding.
To help you understand what takes place at a 341 meeting, we have compiled the information below. Knowing what to expect from a 341 meeting of creditors can 1) make sure you are prepared for the meeting, 2) demystify the meeting, and 3) relieve any anxiety you may feel about it. To learn more about this process, also contact your bankruptcy lawyer.
What Happens at a 341 Meeting
A 341 meeting in your bankruptcy case occurs after you file for bankruptcy. It must happen no earlier than 21 days after you have filed, and no later than 40 days.
Despite its name, creditors very rarely appear at 341 meetings. It is not held in a courtroom, and there is no judge.
They may be held in a conference room in a court building or a Federal building close to the court. They are public meetings, and attended not solely by you, but by other people who have recently filed for bankruptcy.
A 341 meeting is important to the process, but it is not lengthy. Many last only 10 minutes.
The person who runs the 341 meeting is the trustee. The trustee will review your paperwork before the meeting and make sure it is complete and in order. The proceedings at a 341 meeting consist of you sitting with the trustee at a table and answering a series of questions.
The Purpose of the 341 Meeting
The trustee’s responsibility is to make sure that the creditors in a bankruptcy filing receive as much money as they can. To that end, she or he needs to make sure that you are reporting your income, assets, and debts properly.
You will be asked questions about your bankruptcy filing, your assets, and your debts. They are designed to make sure that your creditors are fully informed about these. They may also ask about potential changes to future income.
All of the questions are routine. Remember that you are under oath, and can be charged with perjury if the questions are not answered accurately.
Some of the specific questions that might be asked are:
Are your monthly expenses reasonable? Are all the categories necessary?
How did you arrive at the value of your property, like a car or a home?
Will you be getting any tax refunds this year?
Will you be receiving monies from an inheritance or from life insurance policies in the future?
Have you paid any large amounts to relatives or creditors recently?
Does anyone owe you money?
Although creditors are rarely at 341s, they may appear if they want to know specific information. They may want to know, for example, where your car is so they can look at the condition. In addition, if you made any recent purchases on a credit card, they may appear to ask about them, to find out whether you purchased items intending to declare bankruptcy.
If your documents need to be updated as a result of the meeting, the trustee wants more information, or information was missing, the trustee may set another, continued 341 meeting.
You should make sure that your paperwork is accurate and complete. If it is and the trustee wants no further information or updating, a discharge of debts order will be issued roughly 60 days after your 341 meeting.
What You Need To Bring
You must bring a driver’s license (or other photo ID) and a Social Security card. These are required for a 341 meeting to occur, so if you do not bring them, the meeting must be rescheduled.
The trustee will contact you or your bankruptcy lawyer if you have one, about other required materials. You may be required to bring financial information such as pay stubs, bank statements, tax returns, or property and car deeds, or other information.
Requirements for Debtor Education
Before you can file for bankruptcy with a bankruptcy lawyer, you must complete a credit counseling briefing. In addition, before your debts can be discharged, you are required to also complete a debtor education course. This should be completed as soon as possible so that the discharge of your debts and the completion of your bankruptcy case can occur as quickly as possible. -startfreshtoday.com
Call attorney David Pinkston, bankruptcy lawyer, for a free consultation today: (904) 389-5880. If you are thinking about #bankruptcy, #chapter13bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! (904) 389-5880