If you have decided to file for personal bankruptcy protection, one of the first stops on the journey to resolve your debts will be the 341 meeting.
You may not have heard of this meeting, but here you will learn more about the administration of your bankruptcy case.
A little background
The 341 meeting receives its name from Section 341 of the United States Bankruptcy Code. It is also called “the meeting of creditors” because your creditors are free to attend. This is also where you will meet the trustee appointed by the United States Trustee to administer your case. Often referred to as a hearing, the 341 meeting takes place outside of court and is usually of short duration.
Questions and answers
The trustee will review your Chapter 7 or 13 bankruptcy petition and ask questions about your financial circumstances, your property and liabilities in order to administer your case in the most effective manner. You must answer the questions under penalty of perjury. The trustee will also want assurance that you understand both the positive and negative effects of filing for bankruptcy.
Invitation to creditors
Creditors will receive information about the 341 meeting and can come to question you about your bankruptcy. However, they rarely take the time to attend since they do not lose their standing in your case by staying away.
Support for the meeting
Your attorney will accompany you to the 341 meeting and see that the trustee has the pertinent documents related to your case such as tax returns, pay stubs, credit card and bank statements and mortgage documents. Keep in mind that attendance at the 341 meeting is mandatory but when it is over you can continue your journey to a better financial future.