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What Can I Expect At A Section 341 Meeting Of Creditors?

conference roomIn every bankruptcy case, a 341 Meeting of the Creditors is required. Failure to show up to the appointed meeting may result in the dismissal of one’s bankruptcy petition. Although the initial meeting may cause some apprehension, the meeting is generally a simple and informal procedure.

What is a 341 Meeting of Creditors?

Usually set for 21 days but no more than 40 days after the case is filed, the purpose of a 341 Meeting of Creditors is to question the debtor under oath about his debts, assets, and disposable income. The 341 Meeting is not attended by a judge, but is presided and conducted by the bankruptcy trustee.

Creditors and the 341 Meeting

At the 341 Meeting, the debtor, a Sacramento bankruptcy attorney, and the bankruptcy trustee attend, but creditors rarely do. Since the debtor repeats information that has already been filed with the Bankruptcy Court, creditors can save time by reviewing the debtor’s bankruptcy petition online (bit.ly/Z3wRUX). Additionally, another reason why creditors do not attend the meetings is because 341 meetings typically last 5-10 minutes. The lack of time for creditors to ask questions to the debtor leaves the creditor little to gain by attending the meeting.

During the 341 Meeting

The purpose of a 341 meeting is to obtain sworn testimony from the debtor to verify the validity of the information provided in the debtor’s bankruptcy petition (bit.ly/13OfAB3). Some questions that the bankruptcy trustee may ask are:
• Have you listed all your assets?
• Why are you filing for bankruptcy?
• How did you determine the value of your property listed on your paperwork?
• Have you repaid any of your creditors within the 3 months prior to your bankruptcy?

Conclusion

Although a 341 Meeting of Creditors may cause some fear for debtors, the initial meeting is generally short, simple, and informal. Bankruptcy can be a complicated matter and having a chapter 13 or chapter 7 bankruptcy attorney can help make filing for bankruptcy a smoother process.

For a free bankruptcy consultation, contact the Law Office of Seth Hanson at (916) 780-7005 and let us help you relieve your financial stress today!

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