Bankruptcy is a complex solution to a complex problem. It can be an intricate process,especially when it comes to Chapter 7 bankruptcy. One aspect of that process is the 341 Meeting. While its name may sound like legal gobbledygook, its purpose in the bankruptcy process is vital.
The Purpose of a 341 Meeting
The 341 meeting’s purpose is simple: it is designed to give your creditors a clear understanding of your debts. The “meeting of creditors” also functions as a review session: a Bankruptcy Court Trustee will verify, in detail, that the individual in question is eligible for Chapter 7 bankruptcy.
What You Should Expect
While a 341 meeting can be intimidating, the experience can be very manageable if you’re prepared. The trustee will ask you questions that basically verify you’ve done everything you were supposed to do: Did you list all your financial information correctly? Were you transparent in listing all of your debts? Have you been using your credit cards? Is this your first bankruptcy?
Don’t Be Intimidated
In most cases, the 341 meeting is between you, your attorney and the trustee assigned by the U.S. Bankruptcy Court: it is likely that your creditors will not be there. Work closely with your attorney. Prepare all the vital information you will need to get through the bankruptcy process. While you may not be looking forward to Chapter 7, it is your legal right to receive bankruptcy debt protection if you meet the requirements.
Most importantly, be completely honest and accurate when presenting your case during the 341 Meeting. You and your attorney must work together to present a comprehensive portrait of your debt, leaving out no minor details. If your approach is one of total transparency, then you can expect a successful 341 meeting.
Who are Trustees?
A Trustee is an individual, who is also an attorney, assigned to your case by the court. Their job is to make sure your bankruptcy petition has been filed accurately and correctly.
What Will They Want to Know?
Essentially, the Trustee will want to know everything that the court needs to know before you receive Chapter 7 protection. They will additionally ask you a series of questions verifying that you’ve filed everything correctly.
Can I Get a Record of the Meeting?
Yes, the state of New York will provide a transcript of the meeting upon request.
Why is This Necessary?
Chapter 7 bankruptcy cannot be taken lightly by the court. As such, the 341 meeting protects you and the court in the event that the bankruptcy is, for some reason, not valid.
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