What is 341 meeting in bankruptcy?
Once you have filed bankruptcy, whether it is Chapter 7 or Chapter 13 bankruptcy, you are required to attend the 341 meeting where you gather along with all your creditors at the bankruptcy court. The 341 meeting derives its name from 11 U.S.C. 341, a section in the bankruptcy code. The meeting takes place around 20 to 40 days after bankruptcy is filed.
Although the meeting is where you get to meet all your creditors simultaneously, in majority of the cases, your creditors fail to turn up. However, even if the creditors are not present at the meeting, it doesn’t decrease their right to the money you owe them. Creditors still have the right to challenge a discharge in case of Chapter 7 bankruptcy or they can overrule a debt repayment plan if you are filing Chapter 13 bankruptcy.
341 meeting – a fact-finding process
The 341 meeting is just a fact finding meeting and neither the creditor nor the trustee has the right to alter any decisions pertaining to the bankruptcy proceeding. The trustee or the creditor will be able to file a motion in case some new facts are discovered during the course of the meeting. Under certain circumstances, the trustee can go ahead with an “adversary proceeding” in case a new fact is discovered that was not disclosed while filing bankruptcy.
What happens at the 341 meeting?
The 341 meeting is usually presided over by a trustee. The meeting doesn’t last for long and often a trustee has to hear around 20 to 30 cases in one hour. So, a single meeting may last for about 3 to 4 minutes.
You will be asked to be honest in whatever you say and disclose accurate details. You will be required to say your name, address. The entire 341 meeting is recorded so it is very important that you speak clearly and correctly when you provide any information. You have the right to clarify your doubts and ask questions to the trustee. The trustee may ask you the Social Security Number for verification. The trustee will ask you to furnish complete details of your assets as well as valuables. He will make sure that the signature in the documents is yours. And that you have gone through the petition and schedules in details before you put in your signature for the proceedings.
In case your creditors are present at the meeting, they may ask you few questions too. If you have an attorney to represent you, it is best to take him along so that the legal aspects of the case can be better dealt with.
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