Bankruptcy Can Offer The Relief You Need

How will you benefit from your attendance at the 341 meeting?

On Behalf of | Dec 15, 2021 | Bankruptcy

Once you file for bankruptcy protection, one of your first responsibilities is to attend the 341 meeting.

What is this and why is it important for your bankruptcy case?

Understanding this meeting

The 341 meeting, also called the meeting of creditors, takes its commonly used name from Title 11,  Section 341 of the United States Bankruptcy Code. The meeting takes place outside of the courtroom and no judge will be present. As a debtor, you may see your creditors who may question you about your bankruptcy case. However, they do not often attend this meeting.

Meeting your trustee

If you have filed Chapter 7 or 13, the trustee assigned to your bankruptcy case will conduct the 341 meeting. The trustee will ask you questions about your liabilities, property and current financial condition so as to better understand your circumstances and administer your case more efficiently. You must answer the questions truthfully under penalty of perjury. Your trustee will also ensure that you understand both the positive and negative aspects of your decision to file for bankruptcy. Keep in mind that if you should fail to appear at this meeting, the trustee may ask the court to dismiss your case.

Looking ahead

Your bankruptcy attorney will accompany you to the 341 meeting and will provide the trustee with all the necessary documents. These will include such items as your bank statements, tax returns, mortgage documents and deeds to properties. You are only required to bring a photo ID and proof of your Social Security number. The meeting, though short, marks an important milestone on your path to a brighter, debt-free future.