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An important introduction will occur at the 341 meeting

On Behalf of | Dec 1, 2020 | Bankruptcy |

If you have decided to file for Chapter 7 or Chapter 13 bankruptcy, you will receive a notice to attend the 341 meeting. 

This is also known as the “meeting of creditors,” but it also serves as an introduction to someone with a working interest in your case. 

The 341 meeting explained

This brief meeting will take place soon after your bankruptcy filing date in a location outside of court. It is named after Section 341 of the United States Bankruptcy Code, which outlines the requirements for the first meeting of creditors. While your creditors may attend, they rarely do. They do not risk losing their standing in your case by staying away. 

Your trustee

The 341 meeting is where you will meet the trustee assigned to administer your bankruptcy case. The trustee will ask questions about your assets and liabilities and your current financial status so as to administer your case effectively. You must answer these questions truthfully under penalty of perjury. The trustee will also ensure that you understand both the positive and negative aspects of your decision to file for bankruptcy. 

How to prepare

Your attorney will likely provide the necessary documents to the trustee. These might include copies of your tax returns, bank statements, mortgage statements and other property deeds, if applicable, car titles and related documents. You should bring a photo ID and proof of your Social Security number. Keep in mind that the 341 meeting is an important stop on your bankruptcy journey. If you should fail to attend, the trustee could ask the court to dismiss your case. 

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