What Is A 341 Meeting?
An important step in the bankruptcy process is the 341 Meeting, also known as the Meeting of the Creditors.
The Walker Law Firm works with bankruptcies throughout the Greater Dothan, Alabama area and will be there with you at your 341 Meeting.
The meeting is run by the assigned trustee to your bankruptcy case. The main purpose is for the trustee to screen for proper identification and to rule out fraud. In addition, the trustee will verify that you have taken the required debtor education courses. Another significant role for the the trustee is to determine whether a Chapter 7 case has any non-exempt assets that can be sold to pay off creditors or can recommend to the Bankruptcy Court whether a Chapter 13 repayment plan is feasible.
In general, for a Chapter 7 341 Meeting the trustee will ask for identification to verify your identity. The trustee will also ask you, under oath, a series of questions involving the accuracy of your listed assets and whether there have been any changes to your finances.
At a Chapter 13 hearing the trustee will ask the same questions under oath but will also go over, and ask questions about your repayment plan.
Although the 341 Meeting is also referred to as a Meeting of the Creditors, more often than not the creditors do not show up.
Creditors usually only show up if there is a suspicion of fraud on the part of the petitioner, or if an ex-spouse or former business partner suspects that the petitioner is hiding assets. In other cases a creditor who holds a secured loan could show up if the petitioner hasn't made a decision on whether they are attempting to keep the secured collateral.
Attendance At The 341 Meeting Is Mandatory!
Whether you are filing under Chapter 7 or Chapter 13, you are required to attend the 341 Meeting. While this meeting is not a trial, it is a legal proceeding and you are required to swear under oath that the information you provide is accurate and truthful to the best of your knowledge. Having an experienced attorney to help you prepare for the 341 Meeting and be at your side when you go before the trustee can be invaluable to the success of your hearing. The Walker Law firm serves the greater Dotham, Alabama area with over 10 years of experience with bankruptcy and debt relief. Contact us today if you have any questions or if you would like to schedule a FREE evaluation!