The Purpose of the Meeting | Preparing for the Meeting
When you seek protection in bankruptcy—whether you hope to permanently rid yourself of debt through Chapter 7 or restructure debt under Chapter 13—one of the hearings you must attend is the Section 341(a) meeting of creditors. The meeting is typically conducted by the bankruptcy trustee. Your attorney and counsel for creditors may also appear, though creditors often don’t attend.
What Is the Purpose of the 341 Hearing?
The 341(a) meeting of creditors gives the bankruptcy trustee the opportunity to confirm your identity and verify that your petition is accurate and complete. The trustee typically scrutinizes the bankruptcy petition and other filed documents and may ask questions regarding your financial situation. Creditors and their counsel may also inquire about financial matters.
You’ll want to bring some form of photo identification, as well as your social security information.
Most (if not all) of the documents the trustee will want to review will be included with your petition, so you shouldn’t need to bring other paperwork, unless there have been material changes in your financial status since your initial filing. The trustee will carefully review everything you submit, looking for evidence of unreported assets or income, or other instances of bankruptcy fraud.
How Should You Prepare for the 341 Meeting?
Schedule an appointment with your lawyer and carefully review the documents you filed for accuracy and thoroughness. If there are things that need to be changed and you have the time, have your lawyer file an amended petition. If there’s not enough time, be prepared to notify the trustee of necessary changes at the 341 hearing.
What Questions Can You Expect at a 341 Hearing?
The trustee typically asks clarifying questions regarding your financial situation:
- Are there assets that have not been included in your petition?
- Has your financial situation changed materially since you filed?
- Have you made any separate payments to creditors in the last year?
- Does anyone owe you any money?
Contact Attorney Howard N. Sobel
At the office of Howard N. Sobel, we provide personal bankruptcy counsel to people throughout the state of New Jersey. Contact our office online or call us at 856-424-6400 to set up a free initial consultation. Evening and weekend appointments can be arranged upon request. We accept all major credit cards.
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