What Is a 341 Meeting of Creditors?

 Posted on March 30, 2023 in Bankruptcy Procedure

Filing for bankruptcy is an involved process. Regardless of whether you opt to file for debt relief under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code, you will have to navigate multiple steps and meet a myriad of requirements before you can secure a discharge of your qualifying unsecured debts. For example, although the safeguards afforded by the automatic stay will protect you from most collections actions while your case remains active, you will need to attend a meeting with your creditors before you can rid your mind of their power over your finances completely.

What to Expect

A filer’s 341 meeting of creditors is generally held in a conference room. This is a semi-professional gathering, so it is important to dress and behave respectfully. In attendance will be the filer, their attorney, and the trustee assigned to the filer’s case. Creditors are allowed to attend this meeting in order to ask questions and clarify information. However, unless a creditor’s interest in the filer’s case is complex or truly significant, it is unlikely that a creditor will send a representative to the meeting.

During this session, the trustee who is assigned to your case will assess your finances and ask questions related to the information that you have provided to the court. You will be asked to confirm certain information under oath. Meaning, you cannot provide false or incomplete answers when asked questions by the trustee or your creditors or you could face legal consequences.

Connect with a Client-Focused San Antonio Bankruptcy Lawyer to Learn More

The idea of sitting down with a trustee – and potentially your creditors – can be a daunting prospect. Know that you do not need to prepare for this meeting, nor do you need to attend it alone. Working with a dedicated San Antonio, TX bankruptcy lawyer at Law Offices of Chance M. McGhee will allow you to benefit from the support you need to manage your situation successfully. Our firm will handle the legal "heavy lifting" at every step along your bankruptcy filing journey.

If you have not yet reached out to our team to discuss your case, schedule a free consultation today by calling us at 210-342-3400 or by reaching out via the contact page on our website. It takes a great deal of courage to make the decision that you could benefit from filing for bankruptcy. Once you’ve taken that step, our firm can help you handle the rest. We look forward to speaking with you.

Source:

https://www.law.cornell.edu/wex/341_meeting

https://www.justice.gov/ust-regions-r07/region-7-section-341-meetings