As part of every bankruptcy case, each debtor will have a meeting with the Trustee. This meeting, which is commonly referred to as the 341 Meeting, or Meeting of Creditors, is required to take place within a reasonable time of filing according to Section 341 of the bankruptcy code. Generally, the meeting occurs within 30 days of filing the case.
It is common for debtors to feel nervous prior to their Trustee’s meeting. Although all of the creditors listed in the bankruptcy schedules are invited to attend the meeting, generally no creditors show up. In fact, most 341 meetings typically only take between 10-15 minutes to complete. Your attorney will attend the meeting with you and, depending on the trustee, will generally ask most of the questions.
Common questions asked at the meeting are:
- Do you understand the differences between a Chapter 7 and Chapter 13 bankruptcy
- Do the schedules list all of your assets?
- Do the schedules list all of your liabilities?
- Is everything contained in your schedules true and correct?
- Is there a claim you can file against another party?
- Will you be entitled to a windfall of money, such as an inheritance or insurance proceeds, within 6 months of filing the case?
- Have you filed bankruptcy before?
At the 341 meeting, you will also have the opportunity to provide a brief explanation of what caused you to file the bankruptcy. Keep in mind you will be required to present two forms of identification at the meeting. Typically, debtors bring their driver’s license and social security card. You will need originals of both forms of ID. In addition, attendance of the meeting is mandatory and your case may be dismissed if you do not show up. Contact a bankruptcy attorney if you have questions about your upcoming 341 meeting.
If you are considering filing for bankruptcy, contact the experienced bankruptcy attorneys at Fears | Nachawati to set up a free consultation. Contact us today at 1.866.705.7584 or send an email to fears@fnlawfirm.com.