Every person who files for bankruptcy will need to appear in U.S. Bankruptcy Court for a "341 meeting" before their bankruptcy can be finalized. A 341 meeting - also known as the "meeting of creditors" - is a routine hearing designed to review and uncover all of the facts necessary to make sure a bankruptcy filing is complete. It is not meant to be adversarial, and it is not an inquisition.
Still, many filers get nervous before a 341 meeting because they don't know what to expect. While your Nashville bankruptcy attorney is the best person to explain how the meeting will proceed given the facts of your individual case, there are some basic principles that apply to everyone.
The trustee runs the meeting: The bankruptcy trustee is the person appointed by the U.S. Bankruptcy Trustee to oversee your case to make sure the bankruptcy laws are being followed. The trustee will ask a series of questions during the 341 hearing to make sure the information contained within your bankruptcy petition is accurate.
Creditors generally do not attend 341 meeting. In the rare instance they do show up, the trustee will help moderate the conversation between you and your creditors.
Be prepared to explain your finances: The bankruptcy trustee will ask a number of questions to verify your assets and liabilities. For example, a trustee may ask you questions about your assets and how the value of your assets was determined. You may also be asked to verify your income and employment situation. The trustee will ask if you expect any additional sources of income in the near future, such an inheritance, personal injury settlement or divorce resolution.
People are typically afraid of being interrogated and humiliated by the trustee. Although the trustee will ask you questions, the tone of the meeting is not like an interrogation. You are simply reviewing the facts provided in your bankruptcy petition.
One of the best reasons to hire an attorney is to make sure you are prepared. A Nashville lawyer will guide you through the bankruptcy process so you can be confident your bankruptcy petition is complete when you attend the 341 meeting.
None of the questions the trustee asks should come as a surprise. Your bankruptcy attorney will sit by your side throughout the meeting and will be ready to object in the rare circumstance if the trustee asks any inappropriate questions.
Creditors can submit challenges: After you are done explaining your situation, your creditors have the right to object to any of the debts listed in your bankruptcy filing. Creditors don't often object, but when they do it's usually because they believe a debt is non-dischargeable.
Once the 341 meeting is complete, your attorney will work with the trustee to finalize your bankruptcy. In most cases you will not need to appear at any additional hearings.
