North Riverside Bankruptcy Attorney

North Riverside bankruptcy attorney describes the 341 meeting process?The 341 meeting is the meeting of creditors that the bankruptcy petitioner must attend in order to receive a discharge in bankruptcy. Generally speaking, this is the only court hearing that the debtor will have to appear. The 341 meeting is the chance for creditors to show up and ask questions regarding the bankruptcy petition to the debtor. However, in many cases, especially in a Chapter 7 case, there will not be any creditors at the meeting. The meeting is held by the bankruptcy trustee who in turn is the manager of the case and the trustee will be asking you questions about the bankruptcy petition and verifying the information that you provided for in the bankruptcy petition.

In a Chapter 7, the bankruptcy 341 meetings are pretty quick. If there are no assets that will be divided, then most likely there will not be any creditors. Also, the 341 meeting will be held roughly 30 days after you file the case and your attorney will also be present at the time of the 341 meeting. The meeting is very quick when you file Chapter 7 bankruptcy. It is pretty much is the trustee asking questions regarding assets, liabilities, creditors, and any kind of future income that may happen or may occur or questions regarding the inheritance that may be expected if any by the debtor. The 341 meeting really is just a way for the trustee to verify that the debtor is telling the truth about all the information contained in the bankruptcy petition.

The 341 meeting for a bankruptcy Chapter 13 is a little bit different. They will ask the same questions, verifying the bankruptcy petition. They meaning the Chapter 13 bankruptcy trustee will ask questions regarding the petition. But not only will they ask questions regarding the petition just like in Chapter 7 341 meetings, they will also ask questions regarding the Chapter 13 payment plan which is partly the reason why the Chapter 13 341 meetings will last a little bit longer, because of the added inquiries about the payment plan portion of the Chapter 13 bankruptcy.

The 341 meeting also is a way for the debtor to ask questions regarding you hearing there is a trustee. So it’s not just a one-way dialogue with the trustee directed towards the debtors. No, this is a dialogue for both parties. So the debtors also have the opportunity to ask questions regarding the bankruptcy and ask questions to the trustee about their bankruptcy case.

So a lot of people are concerned about the 341 court date. It is nothing to be concerned about. The trustee is not trying to trick the debtor. The trustee is asking questions that the debtor already knows and the court hearing is not in front of a judge or in front of people in court. Generally, the meeting is held in an informal setting with the trustee, the attorneys and any creditors that decide to show up in a conference room or sometimes in a court room. However, the judge is never in front of the debtors or the creditors or the trustee or the bankruptcy attorney.

So the 341 process is pretty quick and it’s something that is definitely needed in order to receive a discharge in bankruptcy when claiming bankruptcy.

Posted in Illinois Bankruptcy |