Once you file your bankruptcy petition, the court will appoint a trustee to manage your case.
The trustee schedules and presides over the 341 meeting of creditors.
It is called a “341 meeting” because Section 341 of the Bankruptcy Code requires the trustee to hold the meeting.
During the bankruptcy 341 meeting, the trustee will verify the information in your petition and information about your financial situation.
The trustee also uses the meeting to inform you about the consequences of bankruptcy. Creditors are not required to attend the 341 meeting. Still, they can attend and ask questions if they want.
What Is a 341 Meeting?
However, because of the COVID-19 pandemic, creditors’ meetings are now held virtually via Zoom. Your attorney will attend the meeting with you.
If you fail to attend, the trustee may dismiss your case, and you cannot file your bankruptcy petition again for 180 days.
Once you arrive at the meeting, the trustee will ask for your identification and Social Security number. Then they will place you under oath and ask questions about your assets and liabilities.
You should have documentation like your last pay stub, bank statements, a list of monthly expenses, and a list of property values to support your answers.
Typical questions you’ll be asked during this meeting include:
- Is the address on the petition the same as where you live now?
- Did you sign the bankruptcy petition, schedules, statements, and other related forms?
- Did you read the bankruptcy documents before you signed them?
- Do you know what information is in the bankruptcy petition and other documents?
- To the best of your knowledge, is the information in the bankruptcy documents true and correct?
- Did you list all your assets and creditors in the filings?
- Have you filed for bankruptcy before?
Creditors do not usually attend the meeting, even though the trustee must notify them of the date and time.
If any creditors or other interested parties attend, they may ask additional questions after the trustee has asked their questions.
What Happens After the 341 Meeting?
If the trustee needs more information, they may schedule another meeting. Otherwise, they will conclude the meeting.
Creditors then have 60 days to object to a discharge. If filing under Chapter 7, you will likely receive a discharge within 60 to 90 days of the meeting.
If you filed under Chapter 13, you will need to attend a hearing for the court to approve your repayment plan. You will receive a discharge after completing your three-to-five-year plan if you filed under Chapter 13.
Will My Attorney Attend the 341 Meeting of Creditors?
When you choose Blake Goodman, PC, as your bankruptcy attorney, we will support you every step of the way. We will attend the 341 meeting with you.
By that point, we will know the details of your financial situation and will adequately prepare you for the trustee’s questions.
The creditors’ meeting is nothing to fear. Your opportunity for a fresh start is closer than ever. Call today to start your case.
Contact a Bankruptcy Attorney Today
At Blake Goodman, PC, Attorney, we dedicate our practice to counseling Hawaiians through the debt relief and bankruptcy processes.
Our bankruptcy attorneys understand the difficulty of getting back on your feet after a job loss or medical emergency.
Contact us online or by phone today to set up your free consultation and learn how we can help you.