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The 341 Meeting Of Creditors In Chapter 7 Bankruptcy

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If you are in the process of working with a bankruptcy lawyer to file for Chapter 7 bankruptcy as a way of finding relief from your debt, you should understand that you will be required to attend a court hearing. This hearing is called a 341 meeting of creditors, and it is mandatory in a Chapter 7 case.

What is the purpose of this meeting?

The 341 meeting of creditors is a meeting that is required for all bankruptcy cases, and its primary purpose is to give a person's creditors a chance to object to the bankruptcy filing and discharge. Additionally, this meeting is designed to allow you the opportunity to meet the bankruptcy trustee assigned to your case, and it gives the trustee a chance to ask you questions about your case.

When will it take place?

This meeting generally takes place shortly after you file for bankruptcy, and in most cases, it will take place within around 20 days of filing. You will receive a letter about it, and your lawyer will also tell you about it. Your lawyer will meet you there, which is important to know, as it can be intimidating to meet with a bankruptcy trustee.

What should you bring?

The only things you will really need to bring to the meeting are your driver's license or state ID card and anything your lawyer asks you to bring.

What will take place at the meeting?

During this meeting, the trustee will verify your identity and will look through your bankruptcy documents. He or she will then ask you questions about your case, such as whether you have filed for bankruptcy before.

If there are any errors or omissions on your bankruptcy documents, the trustee might ask you about these things. If the trustee has any questions about your income, assets, or debts, he or she will ask them during this meeting.

Will your creditors be there?

While the purpose of this meeting is to give your creditors a chance to object, it is not likely that any will show up. Most creditors know bankruptcy law, and they will only appear at this hearing if there is a good, legal, and valid reason to object to your discharge, and this is not usually the case.

The 341 meeting of creditors is most likely the only hearing you must attend for a Chapter 7 case. If you have questions about it, contact a bankruptcy law firm.