The 341-Meeting and Bankruptcy

One of the requirements for a successful bankruptcy case is to attend the 341 meeting, also called the meeting of the creditors. Approximately 20 to 40 days after you submit your bankruptcy papers, you and your spouse, if filing jointly, will need to attend this meeting. Your attorney, trustee, and any creditors that have questions about your debt will also attend. The 341 meeting is usually held outside of the courtroom and informal. The meeting will take anywhere from a few minutes to thirty minutes.

Creditors Rarely Attend

Although called the meeting of the creditors, your actual creditors will probably not attend. Your trustee is appointed to represent your creditors’ interest and will be the one asking you questions about the paperwork you filed, your income, and debt. If you are polite and answer the questions, honestly, the meeting will go smoothly.

Creditors are given 60 days to respond after the 341 meeting. If they have any objections or questions regarding your case. Credit card companies and other unsecured creditors usually do not have the time to send a representative to every bankruptcy case.

Questions

The 341 meeting is to ask the debtor under oath about their income, assets, debts, living expenses, and family size to ensure the paperwork is correct. The trustee will also try to determine if you are attempting to hide any assets or money from the court.

Having a Hidalgo County bankruptcy attorney at the creditors’ meeting will give you peace of mind knowing you have expert advice and representation.