You Wont Be Harassed Or Humiliated At A 341 Meeting Of Creditors In Philadelphia Or Elsewhere
A 341 meeting means you might have to sit down at a conference table with the Trustee. Occasionally, meaning in less than one of every thirty cases, there will be a lawyer representing the companies, banks or creditors that you owe money to. This can sound scary, and many people are worried that these people will try to harass them or intimidate them.
They wont. Thats not what a 341 meeting is about. The meeting is a formality to get your bankruptcy case moving along, and the only questions asked will be about your financial assets, to determine if everything has been prepared properly and to make sure that all of your assets have been properly disclosed and listed in your bankruptcy. The Trustee can also ask about your monthly income as well as your monthly living expenses to determine if you have sufficient monies left over every month to pay towards your debts and should have filed for a Chapter 13 Bankruptcy instead.
You dont need to worry about the meeting beforehand and you dont need to take Maalox or Mylanta to put your stomach at ease the night before the meeting.
Nervous About 341 Meeting And A Few Questions
So my meeting is tomorrow morning at 8am. Im a little nervous. My gf keeps telling me thats normal. I do have a question though. Is it normal to have your lawyer ask you for the same things multiple times? Ive had both the lawyer and the paralegal ask for the exact same document multiple times in the past year. Ive also had them not give me proper instructions and make the start of my case be delayed. Along with no one following up with me until yesterday and Im a little annoyed by that. I feel like I was being rushed to turn things in then they were able to take their sweet time. I feel like this couldve been done months ago but its too late now for all of that. Anyway wish me luck tomorrow guys.
A Trustee Might Ask Other Questions
After working through the required questions, the Trustee may have additional questions that are intended to determine if you have any nonexempt assets that could also be claimed by the Trustee. He or she may also be trying to find out if there were payments made to creditors or property transfers that happened before filing for bankruptcy.
These questions could include:
- How did you value your home?
- How did you value your car?
- Do you have any claims against anyone? Are you suing anyone?
- Are you expecting an inheritance?
- Did you recently sell any property
- Have you transferred any of your assets?
- Is the Tax Return that you have supplied a correct copy of your tax return?
- What is the reason for your filing for Bankruptcy protection?
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What Occurs After The Meeting
The hearing could be continued at a later date for the following reasons:
- You need to provide more information to the trustee
- You are missing required documents
- You must amend your paperwork
You must have also completed a credit counseling briefing prior to filing and the required debtor-education course before your debts can be discharged. This should be completed as soon as possible so you can complete your bankruptcy case. As long as your creditors do not object to the discharge of your debts, you will receive your discharge order approximately 60 days after the meeting of creditors.
If you have questions about bankruptcy , we will be happy to chat. Feel free to contact us.
wh Law, is a debt relief agency. We help people file for bankruptcy protection under the U.S. Bankruptcy Code.
What If I Cant Ever Attend My 341 Meeting
Most of the time, if someone is unable to attend the 341 Meeting, its rescheduled for a better time and date. But there are instances in which a person is unable to ever attend a meeting or attend a meeting within a reasonable period. Some of the most common reasons people are unable to attend 341 Meetings include:
- Chronic illness
- Military service
These are situations in which you cannot reschedule the meeting at least not within a few days or weeks so other arrangements must be made. Most of the time, youll know when you file that attendance at the meeting is impossible and your attorney will help you make arrangements. Just be clear with your bankruptcy attorney about your situation and know that it could make filing for bankruptcy more complicated.
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Typical Questions From The Trustees In The Orlando Middle District
The trustee may also ask other questions related to your property or how you reached the values on your assets. If the trustee needs more information or documents that arent currently available, the meeting may be continued at a later date when the required information can be provided and all questions answered. You and your attorney are required to attend the 341 Meeting. Many attorneys hire a cover lawyer to appear. I am not trying to disparage or put down other attorneys. I understand why many attorneys do not attend the 341 Meeting. They see it as a quick five to ten minute relatively routine meeting, which usually occurs without incident. If I had never been through it myself, I probably wouldnt attend the meeting either, but I remember how nervous I was when I attended my OWN meeting during my bankruptcy. I understand my clients anxiety, and I do my best to reduce their stress by being a reassuring presence and a familiar face.
As you can see, the 341 Meeting of Creditors is not to be taken lightly. That is why my commitment to you is this:
I will personally prepare you every step of the way and I or an attorney at my firm will attend this stressful encounter WITH you!
We are looking forward to meeting with you personally and hopefully implementing a plan of action to improve your current situation. We will discuss all your options, provide information and advice, and talk about the pros and cons.
What Happens At A Chapter 11 341 Meeting
A Chapter 11 341 meeting is very different from those in Chapter 7 or Chapter 13. In a Chapter 11 bankruptcy, there is rarely a trustee appointed. Thus, the 341 meeting is typically held by the United States Trustees Office. Chapter 11 341 meetings tend to be much longer than those in Chapter 7 or Chapter 13. Many times, the United States Trustee will schedule meetings every hour and will use the whole hour to question the debtor.
Like the other chapters, the United States Trustee will verify the debtors identity through photo ID and proof of social security number. The United States Trustee will typically review the bankruptcy petition and bankruptcy schedules with the debtor and ask any questions that may arise. Because Chapter 11 is much more complex than the other chapters, the United States Trustee will use the opportunity to review the requirements of Chapter 11 with the debtor and discuss logistics with the debtors Chapter 11 attorney. The attorney will normally review his or her thoughts on the timeline for the case and the Chapter 11 plan.
If you are filing a Chapter 11 bankruptcy with our office, we will spend time reviewing everything prior to the meeting so that you are prepared.
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What Happens At The 341 Meeting Of Creditors
The 341 meeting will take usually take place in a meeting room, not a courtroom. Its not uncommon for several meetings of creditors to be scheduled at the same time, so dont panic if there are several other parties waiting. Parties are then called one at a time into the meeting where the debtor will then be asked to verify their identity for the trustee. It is extremely important to confirm the acceptable forms of identity for the 341 meeting. The trustee will begin by asking basic questions, including ensuring that the debtor understands the bankruptcy process. They will then move into asking questions regarding conduct, liabilities, assets, financial condition, and other information that may be pertinent to the bankruptcy proceeding.
There Will Be Several Meetings Of Creditors Scheduled At The Same Time As Your 341 Meeting
The time set for the meeting of creditors will be used for a number of individual meetings of creditors. It is not unusual for ten or twelve meetings to be scheduled for the same time. Cases are called one by one, and the parties and their bankruptcy lawyer will sit at a table with the bankruptcy trustee.
It is a public meeting, with maybe twenty-five or thirty debtors and attorneys in attendance. Everyone is there for the same reason, and everyone shares the same concerns and apprehension, but the 341 meetings are conducted quickly, and with respect and courtesy.
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Typical Questions To Expect At The Meeting Of Creditors
The trustee will ask a series of routine questions that must be asked of every debtor. The trustee will then ask about any particular problems that arise in your case. Most bankruptcy attorneys can predict what the trustee will ask and explain the situation ahead of timeâto both you and the trustee.
Typical questions include:
- Did you review your bankruptcy petition and schedules before you filed them with the court?
- Is all of the information contained in your bankruptcy papers true and correct to the best of your knowledge?
- Did you disclose all of your assets?
- Did you list all of your creditors?
- Have you filed for bankruptcy before?
- Has anything changed since filing your bankruptcy?
- Are you required to pay any domestic support obligations such as alimony or child support?
- Have you filed all tax returns as they have come due?
- Have you made any payments to creditors exceeding $600 in aggregate in the last year?
- Does anyone owe you money for any reason?
One of the benefits of falling toward the bottom of the calendar is knowing what the trustee will ask. For more, see Questions to Expect at the Bankruptcy 341 Meeting of Creditors.
Additional Information Regarding 341 Meeting Of Creditors
Filing for bankruptcy can be a very nerve-wracking experience. Most filers have little exposure to the court system, and for many individuals, the 341 meeting is the closest they get to a legal hearing. I compare the 341 meeting to going to the doctors office to get a shot oftentimes the expectation leading up to the meeting is much scarier than the meeting itself. The meeting usually lasts for about 10 minutes. It is a little uncomfortable because it is a public hearing, so there will be other individuals in the room who are waiting for their own meeting, but it will be over before you know it.
If you have other questions, and if youre not otherwise represented by an attorney about the bankruptcy process, please feel free to schedule a consultation with us. Our Calendly link is going to be included alongside this video and we do complimentary half-hour consultations.
Are you a Florida resident that has questions about your prospective bankruptcy? Are you questioning whether bankruptcy is even the right option for you? Our goal is to take a strategic approach to debt problem solving. What makes us different is that we arent just bankruptcy attorneys, but we look holistically at bankruptcy debt consolidation, debt litigation, and other alternatives. Click on the Calendly link below to schedule a complimentary 30 minute consultation and lets see if we can develop a strategy thats in your best interest.
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How Should You Handle The 341 Meeting
I advise clients to dress appropriately and plan to arrive at least 30 minutes early. This will give you plenty of time to find parking, get through security, and find the meeting room. These meetings are frequently conducted in federal court facilities so dont bring cameras, cell phones, computers or other electronic devices, pocket knives, nail clippers, weapons or any other items that might cause you to be detained at the security checkpoint. As far as attire, I suggest business casual. Leave the shorts, tank tops, flip flops, t-shirts and other casual wear at home. By arriving early, you can observe how the meetings before you are held and this might go a long way towards easing your anxiety about the meeting. When you are called up for your meeting, make sure you speak clearly and loudly enough to be heard. Everything that is said is tape recorded and the tape must pick up your voice. If you dont understand or hear a question asked to you, be sure to ask to have the question repeated. Answer a question only after you have heard the question and you understand what is being asked.
The Conclusion Of The Meeting Of Creditors Will Bring A Feeling Of Relief
The trustee will adjourn the 341 meeting of creditors when all questions have been asked and answered, which often takes less than five minutes.
For most parties that file bankruptcy, there are no Court hearings with a judge, and the meeting of creditors is the only face-to-face interaction with the trustee or the court system.
In the majority of cases, the bankruptcy proceeding will automatically proceed to a discharge of debt after the 341 meeting is adjourned.
It is entirely natural to focus some nervous energy on the meeting of creditors, but most people say that wasnt so bad when the meeting is over.
For many people, the conclusion of the meeting of creditors is the time when their relief from debt seems real, and they experience the opportunity of their fresh start and start to move forward with a second chance.
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What If The Trustee Didnt Say Anything Like That
In some cases, the trustee wonât yet know whether theyâll be treating your case as a no-asset case at your creditorsâ meeting. If the trustee asked for more documents or another meeting was scheduled, youâll need to provide the trustee the documents they requested and attend the meeting unless you receive confirmation that the meeting was canceled.
Otherwise, they will still conclude the meeting but they will not be filing a report of no distribution with the court. Instead, theyâll continue working on your case until they know which way to go with it.
If the trustee determines at any point after your 341 meeting that you donât have any unprotected property that they could use to pay your creditors, theyâll file the âno distributionâ report with the court. If your discharge has already been granted when that happens, the only thing left in the case is for the court to close it.
What Does The Trustee Do After My 341 Meeting
That depends on whether you have any nonexempt property. If your trustee told you that you have a no-asset case at the end of your 341 meeting, the trustee is almost done. The only thing left for them to do is to file their Report of No Distribution.
The Report of No Distribution lets the court know that that trustee is done with your case. If the trustee files it before your discharge is entered, the court will close your case shortly after sending you the discharge order.
Unfortunately, the court doesnât send out official notices when a case is closed. If youâre not sure if your case is still open after getting your discharge and the trusteeâs report, call the clerkâs office at the bankruptcy court where you filed your case to ask.
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What To Bring To A 341 Meeting
A major administrative component of the 341 Meeting is confirmation of your identity. Therefore, bring with you to the meeting your photo identification, a document showing your social security number such as a social security card, and a pay stub and/or most recent tax return.
We also advise bringing a copy of your filed bankruptcy petition and schedules, to follow along or refer to the documents in the event any questions are asked pertaining to them.
What Happens At A 341 Meeting Of Creditors
Wondering what happens at a 341 Meeting of Creditors? We have answers!
The 341 Meeting of Creditors serves a few purposes:
- First, it is an opportunity for the trustee to meet with the debtor to verify the debtors identity.
- Second, it provides an opportunity for the trustee to ask questions about the bankruptcy petition, bankruptcy schedules, or any assets that the debtor may have.
- Third, it allows creditors an opportunity to question the debtor regarding assets .
The 341 meeting is slightly different depending on what chapter bankruptcy youve filed, what bankruptcy district youre in, and what trustee is assigned to your case.
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I Had My 341 Meeting Now What
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In a Nutshell
The court will grant your bankruptcy discharge 60 – 90 days after the meeting. If the trustee filed a no-asset report, the case will be closed pretty soon after the discharge is entered. Until your case is closed, make sure to keep an eye on any mail from the court or the trustee so you donât miss anything important.
Written byAttorney Andrea Wimmer.
First of all, congratulationsð! Youâve made it through the most stressful parts of your case and are in the home stretch. There are two things left in your case:
The court grants your bankruptcy discharge, and
The bankruptcy trustee completes their work