What to Expect at the 341 Bankruptcy Meeting
When filing for bankruptcy, many clients express anxiety at the thought of the Meeting of Creditors (also called the 341 meeting, after Section 341(a) of the Bankruptcy Code). Knowledge is power, and the Meeting of Creditors isn’t as scary as it sounds. Here is an idea of what to expect, and hopefully cut down on your fears.
The Meeting of Creditors can be held at a courthouse, but can be held at almost any neutral location, such as a hotel conference room or a library. Required attendees include the debtor, his or her attorney, and the Chapter 7 or 13 trustee. The trustee is to administer the case and liquidate any of the debtor’s nonexempt assets to distribute to his or her creditors. So, basically, the meeting is for the trustee to see if you have any assets to liquidate.
At the Meeting of Creditors, several questions need to be asked and answered on the record. These include:
- Stating your name and address
- Providing your picture ID and Social Security card
- Stating whether or not you are familiar with the information in your case file and if that information is correct
The trustee may then ask you more specific questions about property ownership and assets.
Also, as implied by the name, your creditors are also free to come to the meeting and ask questions relating to liquidating your assets. However, creditors typically don’t attend most of these meetings, especially for Chapter 7 cases.
There is really nothing for you to worry about as long as you are honest and truthful. Harold Shepley & Associates is a full service debt relief law firm and can answer any questions you may have about the debt relief and bankruptcy process. Contact us today at 1-866-284-7062 or visit us at www.shepleylaw.com to find out more information on your debt relief options.
April 30, 2012 Posted in Bankruptcy, Chapter 7, Credit, Debt Tagged assets, bankruptcy attorney, chapter 7, creditor, filing for bankruptcy, Pennsylvania, property ownership Leave a comment
