Most clients are worried about the bankruptcy court date states Dolton bankruptcy attorney. To ease their fears, let’s take a look deeper into the bankruptcy court date. For example, what really happens at the 341 meeting or creditors mandated by the Bankruptcy Code?
The 341 meeting is a meeting of creditors with the debtor. So for instance, it’s both in a Chapter 7 and a Chapter 13 where this is held and what happens is the debtor will have a meeting with the trustee, the debtor’s attorney and also any creditors that wish to show up. Now, creditors have the option to show up, however they do not show up generally if a Chapter 7 is a very simple Chapter 7 with no liquidation of any assets. Most of the time, it is just the trustee, the debtor’s bankruptcy lawyer and the debtor. This is the chance where the trustee conducts a meeting and questions the debtor for certain things, specifically for the verification of the truthfulness of the bankruptcy petition. When a trustee questions the debtor, these are questions that the debtor should already know. Questions that are all in the bankruptcy petition that was filed, that were answered in that petition.
So the 341 meeting is usually pretty quick; usually 10 to 15 minutes. And it’s pretty simple. People should know that it’s not a meeting where the trustee is trying to trick you. It is just necessary and part of the bankruptcy process. The trustee is really trying to verify that the information that you provided in the bankruptcy petition is true and correct and the trustee is just questioning you about your assets and your liabilities and your creditors. And it’s a pretty informal meeting. Most of the time it does not even happen in an actual courtroom and it never happens in front of the judge. A 341 meeting is always held with the trustee and the debtor. The attorney will also be present and creditors do have the right to show up but in most cases, creditors do not show up in a Chapter 7 or a Chapter 13.
So the 341 meeting is mandatory and it generally is the only court date that the debtor has to show up to. And it’s something that moves along pretty quickly. The 341 meeting is scheduled roughly 30 days after the filing of the bankruptcy case. Your Chapter 7 bankruptcy attorney will prepare you for the meeting. You should not fear the meeting. In most cases, everything will happen quickly and painlessly.