Tuesday, December 14, 2010

What will happen at your Section 341 Creditor's Meeting?

After a bankruptcy petition is filed under Chapter 7 or 13, each "petitioner" must sit through their section 341 meeting of creditors, usually scheduled approximately 30 days after the filing date. Many of our bankruptcy clients feel anxious leading up to their 341 meeting as they are unsure as to what to expect, but if you are prepared there is nothing to worry about.

The majority of 341 meetings only last five to ten minutes. You are required to bring your social security card and driver's license for identification. The trustee will review your identification, swear you in and ask you a few basic questions after reviewing your petition, for example your current living arrangements, whether you own any businesses, and whether you are the beneficiary of any trusts. If anything on your petition sticks out to the trustee, he or she might ask a few follow-up questions. Usually, if there is something that will stick out to the trustee, your attorney will have already asked you the same questions that the trustee will ask.

Generally, creditors do not attend the 341 meeting, although they have the right to be there and may be given the opportunity to ask you some basic questions. If you owe the IRS taxes, they will often attend the creditors meeting and ask questions relating to the petition. Again, your attorney should prepare you for the potential questions that might be asked if a creditor does decide to attend the meeting.

If you would like more information about how to prepare for your creditor's meeting, contact Attorney Matthew Trask or call 508.655.5980 to schedule a one-hour consultation.

1 comment:

  1. I feel like I’m constantly looking for interesting things to read about a variety of subjects, but I manage to include your blog among my reads every day because you have honest entries that I look forward to. Here’s hoping there’s a lot more great material coming!
    Ontario Bankruptcy


Note: Only a member of this blog may post a comment.

Related Posts Plugin for WordPress, Blogger...