After you file your Chapter 7 bankruptcy case, you will be obligated to attend a 341 Meeting, also known as the “meeting of creditors.” It will take place at least twenty one days after submitting your case but no later than forty days after you submit your case for bankruptcy. It is required that you attend the 341 meeting or else your bankruptcy case will be be dismissed. Being informend what will take place at a 341 Meeting can help you prepare for and successfully complete it so you can have your debts discharged.
Some facts about the 341 meeting is the Meeting Doesn’t Happen in a Courtroom. Your meeting will usually take place in a regular room located in the federal building. It will be a public meeting with other bankruptcy filers present and Layers. There will be no judge present since judges are not allowed to attend. Your Chapter 7 trustee will be present since they will hold the meeting.
Creditors usually will not attend the the meeting of creditors since they are not required to to show up. However, there are certain situations where you can expect to see them at the meeting. If, for example, you have a yacht that you forgot to disclose, the creditors will show to find out the location of the property . Also, if you owe creditors money for a home or car, they will appear to find out if you intend to keep the property and ask about the condition of the property.
Another common situation where creditors will attend the meeting is if you used your credit cards just before filing for bankruptcy. The creditors will want to know if you intend to repay the credit cards or if you are filing for bankruptcy in good faith.
There are certain documents you will need to bring to the meeting. You must bring a photo ID (driver’s license or other government-issued ID) and your Social Security card or other government document containing your Social Security number (W-2’s, military ID). Without these documents, the 341 Meeting will not be conducted and you will have to reschedule the meeting.
Your Chapter 7 trustee may also require that you bring additional documents to the meeting such as bank statements, tax returns, pay stubs.
Your Chapter 7 trustee will ask you certian questions at the meeting such as what is your name do you live in the same place currently when you filed the bankruptcy, have you read the bankruptcy information sheet, do you owe any domestic support obligations.
Prior to the 341 meeting , the trustee will have reviewed all your bankruptcy paperwork , income, debts, expenses, tax returns, and pay stubs. The Chapter 7 trustee’s main job is to sell nonexempt property to repay your unsecured creditors. The trustee also searches for bankruptcy fraud makes sure your paperwork is accurate conducts an investigation into your property and finances
After the 341 meeting the hearing could be continued at a later date for the following reasons you need to provide more information to the trustee, you are missing required documents, you must amend your paperwork . Paul Benson is an attorney in Utah who practices Bankruptcy his web site is www.mybankruptcyutah.com
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