Bankruptcy is a complex process and can be stressful for those in debt, as the future becomes unclear and uncertain. A key component in a bankruptcy case is the 341 meeting, which is often the last step before discharging debt. This meeting is an opportunity for creditors to question the debtor in the presence of a bankruptcy attorney.
Have you just filed for bankruptcy or are preparing for the 341 meeting? Learn about the 341 meeting, what happens during it, and why you need an experienced bankruptcy attorney at your side.
The 341 meeting is a meeting of creditors in a bankruptcy case, in which the debtor must attend. The meeting typically occurs shortly after the filing and allows creditors to ask the debtor questions in-person. Questions usually pertain to assets and other relevant items to the bankruptcy case.
Your bankruptcy trustee will preside over your 341 meeting and ask the required questions. Additionally, you’ll be under oath and must answer questions truthfully. Be ready to answer inquiries regarding your assets and liabilities, as well as if you have claims or inheritances.
The 341 meeting is the only trip to the courthouse a debtor will have to make in a bankruptcy case. Even at these meetings, you won’t have to speak with a judge and your attorney will act on your behalf. It’s important to note that 341 meetings are not court hearings.
The conclusion of the 341 meeting signals relief for a debtor, as the path to a new beginning is clearer. Once it’s over, there are no more meetings and debt is usually discharged after the meeting adjourns. This means that as a debtor, you’ll be able to focus on moving forward and starting over.
Bankruptcy is daunting and complicated, which is why it’s so important to have an experienced bankruptcy lawyer. An attorney will guide you through the entire process, including the 341 meeting, and serve as your trusted advocate. At The Badgley Group, we’re a team of passionate bankruptcy attorneys striving to provide the best results possible for clients.
Contact us today for a free consultation and learn how we can help guide you through the bankruptcy process.