If you are facing relentless bill collectors, have bills that you cannot pay, or have fallen behind on your mortgage, declaring bankruptcy might be your answer. Bankruptcy can stop the collection calls, reduce or eliminate your debts and save your home.
Bankruptcy can seem like an intimidating process, full of unfamiliar terms and paperwork. One thing you may be unfamiliar with is the 341 meeting.
What is a 341 meeting?
A 341 meeting, also called a creditors meeting, is a mandatory meeting held at the beginning of the bankruptcy process. The name comes from Section 341 of the Bankruptcy Code.
What happens in a 341 meeting?
The purpose of a 341 meeting is for you and your creditors to review your financial information and to confirm the facts listed in the bankruptcy paperwork. Legally, you must attend the 341 meeting and answer all questions truthfully. Creditors are not required to attend. The 341 meeting is also an opportunity for you to ask any questions you have about the bankruptcy process and understand it better.
What kinds of questions will they ask?
Although the bankruptcy trustee may ask any number of things, you can expect the following standard questions:
- If you are the person who signed the documents in the bankruptcy filing
- If you read each document of the bankruptcy filing before signing them, and if you are familiar with the information in them
- If, to the best of your knowledge, the information contained in the documents of the bankruptcy filing is true and correct
While the name may be intimidating, a 341 meeting is a regular part of the bankruptcy process and nothing you should fear.