Many of you may or may not be aware of it, but once you file for bankruptcy under Chapter 7, the court will set one meeting that you will have to personally attend – the so-called 341 meeting of creditors – between 21 and 40 days after your filing.
But what is that mysterious 341 meeting of creditors, and should you lose your sleep over it? While attending the meeting of creditors may feel like an exam from your good old high-school days (you will have to answer a series of questions; though at school, you did not have to take an oath to answer questions truthfully).
We brought our Salt Lake City Chapter 7 bankruptcy attorney Justin M. Myers to spell out what the meeting of creditors is like and how you should prepare for it.
What is the 341 meeting of creditors?
The 341 meeting of creditors is the only meeting that you will have to attend after filing for Chapter 7 bankruptcy. The meeting is basically what the name implies. It is conducted by a Chapter 7 trustee who is appointed to lead your case. During your participation, which in most cases takes between 5 and 15 minutes, you will have to answer a series of questions regarding your bankruptcy.
When and where the meeting is held
The timing and location of the meeting of creditors varies from one case to another. Typically, the meeting is held between 21 and 40 days after you filed for Chapter 7 bankruptcy. The meeting is usually taking place at a federal building or at an offside location in Salt Lake City or elsewhere in Utah (or wherever you are based).
Do note that you will not be the only bankruptcy filer out there, as others will also appear at the same meeting at the same time.
How to prepare for the meeting of creditors
This is one of the most frequent questions bankruptcy filers ask our Salt Lake City bankruptcy lawyers at the JMM Legal. It makes sense that people want to be prepared for all scenarios and be prepared to answer all kinds of questions that may arise at the meeting.
But the truth is this: the best chance to “survive” the meeting of creditors and eliminate the risk of the court detecting or suspecting bankruptcy fraud is to be legally represented by an experienced attorney. Let a lawyer review your entire case before your appearance at the meeting. Better yet, hire an attorney to sit through the meeting with you.
The only two things that you have to bring to the 341 meeting of creditors are your ID and proof of your Social Security number. In case you do not have any of these documents, your Chapter 7 trustee may either allow you to present identification later or postpone the meeting until another date.
What happens at the meeting of creditors?
Here at the JMM Legal, our Salt Lake City Chapter 7 bankruptcy lawyer Justin M. Myers is often asked what bankruptcy filers should expect from the 341 meeting of creditors.
When you get into the meeting room, you will most likely be asked to read an information pamphlet before your name is called by the Chapter 7 trustee. To ensure that everything goes smooth and your case is handled in your best interests, it is highly advised to be legally represented.
If you are not represented, you will be required to complete a form if you own child support payments to your ex-spouse. When the trustee calls your name, you will do the following:
- Show your ID and Social Security number
- Sit at a table with your Salt Lake City bankruptcy attorney and
- Take an oath to answer questions.
What question will you be asked?
What question will you be asked during the meeting of creditors? Well, there may be certain questions particular to your bankruptcy case, but the vast majority of questions will be routine questions asked by the trustee. These include:
- Did you review your petition before signing it?
- Did you list all debts that you owe?
- Has anything changed in your financial situation since filing for bankruptcy?
- Are you being owned any money?
- Do you expect to receive an inheritance in the nearest future?
Your Salt Lake City Chapter 7 bankruptcy attorney will be able to predict what kind of non-standard questions will be asked during the meeting of creditors after reviewing your case. Contact the JMM Legal to get a free consultation today. Call our offices at 1-801-505-9679 or fill out this contact form.