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Preparing for a 341 Meeting

Preparing for a 341 Meeting

After you file for either a Chapter 7 or Chapter 13 Bankruptcy, you will receive a notice for a 341 meeting of creditors. A 341 meeting is also known as a meeting of creditors or a bankruptcy meeting. The purpose of a 341 meeting is to examine the debtor’s financial position and confirm the facts stated by the debtor in the bankruptcy filing. It is called a 341 meeting because it comes from section 341 of the federal Bankruptcy Code.

The 341 meeting happens usually between 20-60 days after your initial bankruptcy filing. Your creditors are permitted to attend the meeting, however they are not required to. The judge who will be presiding over the case will not be present at the meeting. This helps maintain the neutrality in making a judgment on the case. Instead, the bankruptcy trustee presides over the meeting. Most debtors that file for bankruptcy never have an official hearing in front of the judge. In order to be best prepared for a 341 meeting, below are a few tips to assist you in the process.

The 341 meeting involves making sworn testimony, so you will be under oath. This obviously means that you should answer your questions honestly and to the point. Although a full and correct answer to any question is required, there is no need to give any excess information that is not needed. In addition, there may be some questions that you feel are intrusive, however the bankruptcy trustees are trying to cover their bases by looking out for fraud, undisclosed and undervalued assets, and the like. It is still important to answer these questions truthfully. This will ensure that you are viewed as an honest person acting in good faith. Additionally, your bankruptcy attorney will be present during the meeting and will ensure that no unnecessary questions are asked.

There are a variety of questions that a bankruptcy trustee may ask you. These may include the following:

  • How have you determined the value of your assets/sources of income?
  • Have you transferred money or property to other individuals or entities?
  • Do you understand everything contained in your bankruptcy paperwork?
  • Are all possible creditors listed in your bankruptcy schedules?
  • Where do you reside?
  • Did you disclose all possible property?

Another important aspect of preparing for a 341 meeting is making sure you actually look prepared for the meeting. On the day of the meeting, you should dress professionally as if you are attending a job interview. Also, you will need to bring forms of identification with you. These include your driver’s license or government-issued ID card, and your social security card. You also need to bring any documents that are requested by the bankruptcy trustee. Your bankruptcy attorney will assist you in this area to make sure you have brought everything needed.

Navigating a 341 meeting and a bankruptcy matter in general can be a long and draining process. Luckily, there are an experienced group of Indiana bankruptcy attorneys at McNeely Law ready to assist your bankruptcy needs. Give our office a call at 317-825-5110 if you have any questions about a potential bankruptcy matter.

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