Bankruptcy

What You Should Know About 341 Meetings

By
David F. Mills
on
October 27, 2021

A 341 meeting is constituted under the U.S. bankruptcy code, requiring debtors and creditors to meet after filing for bankruptcy.

A 341 meeting is constituted under the U.S. bankruptcy code, requiring debtors and creditors to meet after filing for bankruptcy. However, this is not an opportunity for the creditors to press the debtors for failing to meet their payment obligations.

The primary purpose of a 341 meeting is to allow a bankruptcy trustee to question the debtors under oath about all the matters pertaining to their bankruptcy cases, such as their liabilities and assets. Experienced Smithfield Bankruptcy Attorneys from Narron Wenzel, P.A. have prepared a comprehensive guide detailing what you should expect in a 341 meeting.

Multiple 341 Meetings are Held Simultaneously

There will be multiple meetings of creditors scheduled at the same time as yours, but each case will be addressed separately. Each party will be called to sit at the table with their trustee, mainly represented by their attorneys. However, all the cases are handled swiftly and courteously, respecting the rights of both the debtors and creditors.

You Must Attend the Creditors’ Meeting

Attending the meeting of creditors is mandatory if you have filed for bankruptcy. If a joint bankruptcy case is involved, both spouses have to attend in person. The good thing about this meeting is that it’s brief, and in most cases, the creditors never attend. However, sometimes they may be compelled to attend if you recently made a suspicious financial move, such as suddenly selling a top-valued property.

You Won't be Humiliated

In a typical 341 meeting, you'll have to sit at the table with your trustee. Occasionally, a lawyer will represent the institutions, creditors, and companies that you owe money. This setting seems scary, and many people get worried that the panel could harass or intimidate them.

341 meetings aren't meant for that purpose. The panel sits to formalize your bankruptcy and assist the case to move on. The only underlying question they seek to understand is whether your financial assets are fully disclosed and involved in your bankruptcy case. The trustee may also inquire about your monthly income and routine expenses to calculate your financial capacity to service the debts.

You'll Need to Verify Your Identity

Since people share names and other identification details, bankruptcy officers seek to formulate a legal record, and their names need to be accurate and true across the paperwork. For this reason, your trustee will request the following original documents:

  • Driver’s license
  • State photo ID
  • U.S. passport
  • Armed Forces ID
  • DoD ID
  • Resident alien card
  • Social security card to confirm your social security number
  • Original w-2 to verify your correct social security number

Need An Experienced Smithfield Bankruptcy Attorney to Handle Your Case? We Can Help

If you are considering bankruptcy case and don’t know where to start, Narron Wenzel, P.A. can help. We will provide you with top-shelf advice and legal representation to ensure your rights are protected throughout the bankruptcy process. Please contact us online now or call us at 919-934-0049 to schedule a consultation with our lead attorney, David F. Mills.

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