Once you declare for Chapter 7 or 13 bankruptcy, you are on the right road to a brighter financial future.
But first, you must make a stop at the 341 meeting. What is this?
Learning the purpose
The 341 meeting, named for Title 11, Section 341 of the United States Code, is also called the meeting of creditors. Those to whom you owe money can attend but they rarely do. Your creditors do not forfeit their standing in your bankruptcy process if they decide to stay away. From your point of view, the 341 meeting is important because it is here that you will meet the trustee in charge of administering your case. To better understand your circumstances, the trustee will ask questions that you must answer truthfully under penalty of perjury.
Understanding your responsibility
As the debtor, it is incumbent upon you to appear at this meeting. If you fail to do so, the trustee may request that the court hold you in contempt for failure to cooperate. The trustee could also ask the court to dismiss your case altogether.
Relying on professional help
Your attorney will accompany you to the 341 meeting and provide the trustee with pertinent documents related to your bankruptcy. You will only have to bring an ID and proof of your Social Security number. The 341 meeting takes place at a location outside of court and no judge will be present. The meeting will not last long, but it is an important first step on your journey to a better, more secure financial future.