If you have declared bankruptcy in the U.S., your case will be handled by a bankruptcy Trustee.The person will look over your paperwork to make sure it's in order.If you own property that is exempt from bankruptcy, the Trustee will make sure that you sell it in order to pay off your debts.The 341 meeting of creditor is named for a specific section of the U.S. Bankruptcy Code.The person who applied for bankruptcy must attend this meeting.The following steps can be taken to prepare for the meeting.
Step 1: Wait to be called.
There may be more than one person waiting for their case to be called.Usually about ten cases are scheduled at the same time, but often they last only a short time.Wait for the case to be called.You should go to the table with your attorney when it's called.The meeting can also be attended by the creditor.They will have a meeting with you and your attorney.
Step 2: The trustees have questions.
To the best of your ability, answer honestly.Your troubles will only get worse if you lie.The questions the Trustee will ask are tailored to your situation.You might be asked about your reasons for filing.It is possible that you have properly valuated all of your property.You have three months to pay your debts before you file for bankruptcy.There is a legal claim for money pending against anyone.Did you make any cash or property transfers in the last year?You can expect to receive any property or money in the near future such as a tax refund, inheritance, or life insurance payouts.
Step 3: You can answer questions from your creditor.
All of your debts should be aware of the meeting.The trustees will end the meeting if no one shows up.If you have a home loan or car loan, some of them may show up.If you intend to surrender your car, a creditor might ask.Credit card charges and cash advances can be asked of a creditor.The intent is to determine if recent purchases were necessary or if they were made frivolously in order to file for bankruptcy.You can't discharge that debt in the latter case.If your credit application differs substantially from the information in your bankruptcy filing, your creditor will look at it.You could be sued for fraud if that is the case.
Step 4: If necessary, have another meeting.
The meeting will be closed after your creditor finish questioning you.You failed to produce certain documents, so he or she may want to schedule another meeting.Additional information has been requested by the Trustee.You need to change your paperwork.
Step 5: Wait for your discharge to happen.
You are almost done if the meeting goes well.The judge will make a decision on the discharge of your case after the Trustee makes a recommendation.It can take a few months for a judge to sign the discharge and complete your case.There will be a second meeting in a Chapter 13 case.The judge will make a decision on your plan.If you must appear at this hearing, talk to your attorney.
Step 6: You can learn the date and time of the meeting.
The debtor gives the court clerk a list of all his or her debts.You will get a notification if you are on the list.The date, time and place of the 341 meeting of creditors will be included in your notification.
Step 7: You should review the details of the loan.
You don't have to attend the meeting as a creditor.Most of them don't.If you have questions for the debtor, you might want to attend.Review all of the paperwork relating to the debtor.The debtor's petition needs to be reviewed.Check to see if the information in the petition matches what the debtor said when applying for the loan.The income listed in the petition may be less than you were told.Make copies of the loan documents.Take them with you to the hearing.
Step 8: Prepare questions to ask the debtor.
You can ask any question that will help you understand the debtor's assets or debt.You can't grill the debtor, and the meeting will not be run by you.Ask the debtor where the property is if the debt was secured with it.If you extended a car loan, you should ask the debtor if they intend to keep the car.Ask the debtor how he used the loan.You might be able to prevent that debt from being discharged if the debtor spent the proceeds of the loan in anticipation of declaring bankruptcy.When applying for a loan, you can ask about discrepancies between information provided to you by the debtor.
Step 9: Arrive on time.
Ten 341 meetings will be scheduled at a time.Each lasts between five and ten minutes.You don't want to miss the chance to question the debtor.Go through security if you have enough time to find parking.
Step 10: Go to the table when the case is called.
The order in which the cases are called is decided by the Trustee.While waiting, Sit quietly and review your paperwork.The front of the conference room is where the table is located.The debtor and their attorney will be there as well.
Step 11: Don't hesitate to ask your questions.
You should listen closely so that you don't ask the same questions as the Trustee.The debtor is going to take an oath.Take notes on what he says.You will be able to ask your questions.Don't forget to thank the debtor after you've obtained the information you need.
Step 12: If you can't attend the meeting, you should get a recording.
You can request an audio recording by contacting the trustees, who will give you a form to use.The audio can be transferred to the CD if you give it a recordable CD.
Step 13: You can find the date, time and place of the meeting.
You should be notified by the court clerk or the trustees.341's are usually held in a federal building.The meeting will be held between 21 and 40 days after you file your petition.
Step 14: Personal identification should be obtained.
The Trustee will match you with your bankruptcy petition if you bring enough identification to the meeting.A valid driver's license or passport is needed.You can see your Social Security number on your card.
Step 15: There are other documents to be collected.
The assets you listed in your petition may need to be confirmed by documents.The Trustee should contact you before the event to let you know what to bring.
Step 16: Prepare for child care.
Children should not attend a 341 meeting.Child care should be arranged on the day of the meeting.Inform the Trustee if you must bring your children.He might be able to call you first.The Trustee will probably want to change your appearance if your children become disruptive.
Step 17: If you have questions, contact a lawyer.
Ask your attorney what will happen at the 341 meeting if you filed your bankruptcy with his help.The Trustee and how he or she runs meetings may be something your attorney knows about.Prepare for the 341 Meeting of Creditors is a guide to preparing for your consultation with the attorney.
Step 18: It is appropriate to dress appropriately.
You don't have to dress up.It is acceptable to have clean blue jeans and shirt.Don't wear pajamas, shorts, or flip-flops.When you enter the building, remove your hat.As soon as you enter the room, shut your cell phone down.
Step 19: You should bring your documents.
You should include a copy of everything you have filed.You should organize your papers in a logical order.A copy of your bankruptcy petition is required.There are any changes made to your petition.The documents were requested by the trustees.You have a picture ID and Social Security card.
Step 20: If necessary, request a translator.
If you would be more comfortable answering in a language other than English, you have the right to a translator.Before the meeting, tell the Trustee that you need a translator.He or she is going to call a translation service.The translator is likely to listen in by phone.If you need a translator, it's a good idea to let the Trustee know in advance.If you speak an uncommon language, you might not be able to get a translation service on short notice.