If you’re considering bankruptcy, you likely understand the basics of this process and the debt relief you can obtain. However, one aspect of this process that may surprise you is the 341 meeting of creditors. If you’ve never heard of this process or aren’t sure what to expect, it can sound intimidating. As such, understanding what happens at these meetings can help reduce your stress surrounding this time. The following blog explores what you can expect and why connecting with an Orange County consumer bankruptcy lawyer is critical to fighting for the best possible outcome.
What Is the 341 Meeting of Creditors?
The 341 meeting of creditors is a mandatory meeting in which you, as the filer, will meet with the trustee assigned to your case as per the United States Bankruptcy Code. Regardless of which form of bankruptcy you’ll file, whether it’s Chapter 7 or Chapter 13, this meeting is a requirement.
The trustee assigned to your case is there to verify your debt and finances. The primary purpose of the meeting is to ensure that the paperwork you’ve filed is correct and complete. Similarly, the trustee will use this time to determine whether or not the debtor is attempting to navigate this process fraudulently.
At the meeting, you and your attorney will answer questions regarding your debt. It’s important to understand that your creditors will also be invited to attend, but their presence is not mandated. The only two people who must attend the meeting are the trustee and filer. The point of the meeting is generally to verify the debt and clarify any questions regarding the filing process, including how the filer plans on repaying the debt they owe.
It’s imperative to understand that if you do not attend the meeting, your bankruptcy case can and likely will be dismissed. As such, you must attend the meeting as necessary.
What Questions Will They Ask?
You will likely be asked a myriad of questions regarding your debt by the trustee. The creditors can also ask questions, but it’s important to understand the majority of creditors will not attend the meeting. They may ask the trustee if the debtor has any undisclosed assets or if they have upcoming income sources that can be used to satisfy some of the remaining debt.
Common questions the trustee may ask you include, but are not limited to, the following:
- If anything has changed since you filed the petition
- If anyone owes you any money
- If you’ve listed all creditors
- If you’ve included all assets in the filing
- If you’re certain the information included in the petition is correct
- If you have any domestic support orders (if you are ordered to pay alimony or child support)
- If you’ve filed all tax returns
If considering bankruptcy, the meeting of creditors can be one of the most intimidating aspects of this process if you aren’t sure what to expect. However, this is generally a short process, lasting only a few minutes as you’ll be one of many filers the trustee sees during the day. Regardless, it’s in your best interest to connect with an experienced attorney.
Not only can your attorney help you understand and correctly answer any complicated questions, but they can assist you through the entire filing process to improve your chances of a favorable outcome. As such, connecting with the team at the Law Offices of Michael D. Pinsky, P.C. is in your best interest. Our firm understands how complicated filing for bankruptcy can be, which is why we are here to guide you through these times. Connect with us today to learn how we can help you.
