It’s a scary feeling, especially when you don’t know what to expect. Discussing finances and financial obligations with those that you legally owe money to is never easy, but that doesn’t mean you can’t go into it with peace of mind.
Today, we are going to detail a few key concepts for you and tell you what to bring to a 341 meeting when filing for Chapter 7 bankruptcy.
A Chapter 7 trustee, whose role is selling your non-exempt property for the benefit of your creditors whom you owe, administers every Chapter 7 bankruptcy. They also are tasked with looking for bankruptcy fraud, ensuring accuracy in all paperwork, and is to be as thorough as possible when investigating your finances.
Being transparent and cooperating with your trustee is critical to expediting the entire bankruptcy procedure. The main bulk of their job is done in this meeting of the creditors, often referred to as a 341 meeting.
You can expect this meeting to take place within 45 days after the day you file your case.
A 341 meeting typically does not take place in a courtroom, and is not overseen by a judge, but does take place in a federal building. The trustee’s investigation of your financial situation begins as soon as you file, and will review income, debts and expenses as well as your State of Affairs.
Your State of Affairs provides a summary of the history of your major financial transactions.
Be sure to bring a government-issued photo ID with you (like a valid driver’s license on passport) and proof of your Social Security number to the meeting. The meeting CAN NOT proceed without these items. If you forget them, you will have to reschedule the meeting for a later date.
Prior to your 341 meeting, your attorney likely will have provided the trustee with the following documents:
If these document have not been provided to the trustee prior to your 341 meeting, you absolutely should bring them with you. Bear in mind that this is a general list, and your trustee will notify you (or your attorney) of any other documentation necessary to move forward in their investigation of your financial situation. Whatever may be required, if you do not bring them the trustee cannot move forward and you will be asked to submit them if you wish to proceed.
Look for our next entry, where we will discuss what questions you can expect to answer at a 341 meeting of the creditors.
From all of us at Wilson Law Firm, we hope that you have found this post informative. We strive to provide better service and care to our surrounding communities in Kentucky and Tennessee. If you have further questions, or feel the need for legal counsel, reach out to us by giving us a call today.
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