How to Attend a 341 Meeting of Creditors
Wait to be called., Answer the trustee’s questions., Answer questions from your creditors., Schedule another meeting if necessary., Wait for your bankruptcy to be discharged.
Step-by-Step Guide
-
Step 1: Wait to be called.
There may be other people waiting for their case to be called, too.
Typically about ten cases are scheduled at the same time, because often these meetings last only a short time.
Wait for the trustee to call your case.
When it's called, go to the designated table with your attorney.
Creditors may also attend the meeting.
They will meet with you and your attorney at the table. -
Step 2: Answer the trustee’s questions.
Answer truthfully and to the best of your ability.
If you lie and get caught, your troubles will only increase.
The trustee will ask questions tailored to your specific situation.
You might be asked any of the following:
Your reasons for filing for bankruptcy.
Whether you have identified and properly valuated all of your property on your bankruptcy schedules.
Whether you have paid any creditors during the three months prior to filing for bankruptcy.
Whether anyone owes you money or you have a legal claim for money pending against anyone.
Whether you made any transfers of property or cash in the past year.
Whether you anticipate receiving any property or money in the near future such as a tax refund, an inheritance, or a life insurance payout. , All of your creditors should be notified of the meeting.
If none attends (which is not unusual), the trustee will end the meeting at this point.
However, some creditors might show up, especially if you have a home loan or car loan.
A creditor might ask whether you intend to surrender your car or reaffirm the loan.
A creditor might ask about recent cash advances or credit card charges.
The intent is to determine whether recent purchases were necessary or whether they were made frivolously in anticipation of filing for bankruptcy.
In the latter case you cannot discharge that debt.
Creditors will look at the information in your bankruptcy filing to see if any of it differs substantially from the information in your credit application.
If so, you might be sued for fraud. , After your creditors have finished questioning you, the trustee will close the meeting.
He or she may want to schedule another meeting under the following circumstances:
You failed to produce certain documents.
The trustee has requested additional information. you need to make changes to your paperwork. , If everything goes well at the meeting, you are almost done.
In a Chapter 7 bankruptcy the trustee will make a recommendation to the judge regarding discharge of your case.
It generally takes a few months for a judge to sign the discharge and complete your case.
In a Chapter 13 bankruptcy there will be a second meeting.
There the judge will decide whether to approve your Chapter 13 plan.
Talk with your attorney about whether you must appear at this hearing. -
Step 3: Answer questions from your creditors.
-
Step 4: Schedule another meeting if necessary.
-
Step 5: Wait for your bankruptcy to be discharged.
Detailed Guide
There may be other people waiting for their case to be called, too.
Typically about ten cases are scheduled at the same time, because often these meetings last only a short time.
Wait for the trustee to call your case.
When it's called, go to the designated table with your attorney.
Creditors may also attend the meeting.
They will meet with you and your attorney at the table.
Answer truthfully and to the best of your ability.
If you lie and get caught, your troubles will only increase.
The trustee will ask questions tailored to your specific situation.
You might be asked any of the following:
Your reasons for filing for bankruptcy.
Whether you have identified and properly valuated all of your property on your bankruptcy schedules.
Whether you have paid any creditors during the three months prior to filing for bankruptcy.
Whether anyone owes you money or you have a legal claim for money pending against anyone.
Whether you made any transfers of property or cash in the past year.
Whether you anticipate receiving any property or money in the near future such as a tax refund, an inheritance, or a life insurance payout. , All of your creditors should be notified of the meeting.
If none attends (which is not unusual), the trustee will end the meeting at this point.
However, some creditors might show up, especially if you have a home loan or car loan.
A creditor might ask whether you intend to surrender your car or reaffirm the loan.
A creditor might ask about recent cash advances or credit card charges.
The intent is to determine whether recent purchases were necessary or whether they were made frivolously in anticipation of filing for bankruptcy.
In the latter case you cannot discharge that debt.
Creditors will look at the information in your bankruptcy filing to see if any of it differs substantially from the information in your credit application.
If so, you might be sued for fraud. , After your creditors have finished questioning you, the trustee will close the meeting.
He or she may want to schedule another meeting under the following circumstances:
You failed to produce certain documents.
The trustee has requested additional information. you need to make changes to your paperwork. , If everything goes well at the meeting, you are almost done.
In a Chapter 7 bankruptcy the trustee will make a recommendation to the judge regarding discharge of your case.
It generally takes a few months for a judge to sign the discharge and complete your case.
In a Chapter 13 bankruptcy there will be a second meeting.
There the judge will decide whether to approve your Chapter 13 plan.
Talk with your attorney about whether you must appear at this hearing.
About the Author
Brandon Johnson
Committed to making practical skills accessible and understandable for everyone.
Rate This Guide
How helpful was this guide? Click to rate: