The Things That Can Happen during Your Meeting with Creditors

If you decide to file for bankruptcy, regardless of whether it is Chapter 13 or Chapter 7, you will have to handle the so-called 341 meeting. There are some people who also call it a meeting with creditors. That’s because this step is one of the most crucial aspects involved in this process and liquidating your debts.

a black calculator on a tableIt is interesting that this kind of meeting should not be conducted inside a court, and this means that you will not have to talk to a judge. A trustee must be assigned to your specific bankruptcy case, and this person is responsible for running this meeting. This specialist is also responsible for collecting the necessary information related to your case.

You are obliged to attend only this meeting before settling your debts. If you want to find out more about its basic aspects, you can discover here.

Basically, there are different things that may take place during a meeting with your creditors. As soon as you arrive on it, you will meet with a number of other people, including your creditors. The good news is that this process is designed to be quite short and stress-free, so you should not worry about anything. It is always best to be well-prepared, so you need to get familiar with the important aspects related to your bankruptcy case. It makes sense to mention that this meeting must be recorded or taped in order to ensure its accuracy.

The key purpose of organizing this 341 meeting is to gather important information about your petition and the main facts it involves. This is when you will be questioned by a trustee about all kinds of assets that are included in your petition. This is what helps to get a clearer idea of your current financial situation. The main goal of this meeting is to determine whether it is possible to get a bankruptcy discharged.

In addition, you should be prepared to answer all of these important questions that may include:

  • Your debts that are listed in your bankruptcy petition
  • Information about your social security number and other personal data
  • You need to read different schedules before signing any of them
  • You may want to make specific chances to these schedules if you have a serious reason to do that
  • It is necessary to file all bankruptcy papers before this meeting, and you need to sign and understand them clearly.

There can be other crucial aspects that should be cleared out.

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