Your chapter 7 bankruptcy is more of a process than a single act. After your attorney files your bankruptcy with the federal court, the creditor's meeting might be your next step. This meeting, which is also referred to as a 341 meeting, can be a bit nerve-wracking for some filers. Know what to expect at your meeting and calm your fears. Read below to learn more.
What Is a Creditor's Meeting?
Many filers worry about facing a bankruptcy judge during the course of their bankruptcy, but that meeting never occurs. The creditor's meeting is not presided over by a judge, but by your bankruptcy trustee.
The meeting can take place in a courtroom, but it often takes place in a large conference room instead. The 341 meeting is a chance for the trustee to question you about your bankruptcy. In some cases, the meeting is also a chance for your creditors to appear.
How Should You Prepare for the Meeting?
If you come well prepared for the meeting, you'll also be more relaxed. Take the following steps prior to the appointment time:
Speak to your attorney about what else to bring with you.
What Should You Expect at Your Creditor's Meeting?
You might be surprised to find that other bankruptcy filers may attend your 341 meeting. Names are called alphabetically and you can observe other filers being questioned about their bankruptcies. Once called upon, you will rise and be sworn-in.
The bankruptcy trustee usually asks the same questions of all filers, but there are exceptions. You can provide ready answers if you ask your attorney what questions to expect. In most cases, the trustee asks the following questions:
What If My Creditors Appear?
In rare cases, creditors listed on the bankruptcy documents send legal representatives to the meeting. Take a look at two of the most common reasons a creditor will appear at your meeting:
As you can see, your 341 meeting is a fairly minor event. If you have questions about this meeting or any other aspect of a bankruptcy filing, contact us at The Michelson Law Office today.