Posted on: 16 November 2016Share
When filing for bankruptcy, it will be required that you have a 341 bankruptcy meeting. Chances are that you have not heard about this meeting before, so here's what you should know about it.
What's The 341 Bankruptcy Meeting?
When filing for bankruptcy, everyone you owe money to will be notified of your filing. The trustee that the court has appointed will then schedule the 341 bankruptcy meeting. The purpose of having the meeting is so a creditor can explain why the debt they are owed should not be discharged. This meeting also provides an opportunity to make corrections about how much money is owed.
Will You Be Required To Attend The 341 Bankruptcy Meeting?
Even though you may have a lawyer representing you, you'll need to show up to the meeting. There are a couple situations where you can be excused by the trustee, but in most situations, you must attend. It may be acceptable to attend by a phone or video conference if you are unable to be there because you are out of town.
What Will Happen If You Don't Attend The 341 Bankruptcy Meeting
Not attending your 341 bankruptcy meeting means that the entire filing could be dismissed by the court. You will then go through a waiting period before you are able to re-file. A dismissed filing also means creditors can take legal action against you.
To prevent this from happening, contact your trustee to let them know you cannot attend as far in advance as possible. This will help them reschedule the meeting if the reason is acceptable.
What Will Happen At The 341 Bankruptcy Meeting?
Your trustee is responsible for reviewing the bankruptcy petition and will ask questions about all of the info you gave the court. This could include having you verify the income you are currently earning, or ask you questions about any plans in the future that are finance related.
Is It Mandatory For Creditors To Show Up To The 341 Bankruptcy Meeting?
While it is not mandatory for a credit to appear at the 341 meeting, it is likely that they will be there. Without attending, they cannot object to debt discharges. This is necessary to show proof for their reasoning, such as if you took on a debt knowing you wouldn't pay it back.
Once the meeting is finished, your trustee will let you know what the next steps are to settle your bankruptcy filing. For more information and assistance with this process, contact a lawyer that specializes in bankruptcy, such as those at Biales Delchin Law LLC..