When you file bankruptcy, you will be required to make an appearance in
the case. This appearance is known as a
meeting of creditors, or a 341 meeting / hearing. The meeting of creditors typically takes
place about 30 days after you've filed and doesn't last very long;
it's usually less than 10 minutes. The meeting is also not conducted
in a courtroom or by a judge.
During the meeting of creditors, you will meet with the bankruptcy trustee,
who is responsible for overseeing your case and determining if there are
any unprotected assets that can be sold for the benefit of the creditors.
The meeting will largely concern the paperwork you've filed, and trustees
will make sure your reported income is correct and that your assets and
property are accounted for. They will ask you several routine questions
under oath. Creditors are able to attend these hearings, but in most cases
they do not.
At Wadhwani & Shanfeld, our bankruptcy lawyers help our clients understand
and prepare for their 341 meeting, which will include a thorough review
of their bankruptcy petition. We will also help clients gather the necessary
documents and be ready for questions trustees may ask. Again, these questions
are routine and straightforward.
Examples of questions a trustee may ask include:
- Is the information you provided true and correct?
- Have you listed all of your assets and creditors?
- Have you filed bankruptcy before?
- Have you transferred property within the last four years?
- Are you currently a plaintiff in a lawsuit?
- Does anyone owe you money?
The meeting of creditors is simply another step in the bankruptcy process
that, once completed, will bring you one step closer to your financial
fresh start. We know that it can seem intimidating and we do everything
in our power to set our clients at ease by addressing all their concerns
and helping them understand what to expect – something we've done for
more than 15,000 clients.
If you have questions about the bankruptcy process, your unique situation,
and how Wadhwani & Shanfeld may be able to help you, we're available
to discuss your current situation during a free consultation.
Tell us about your case.