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341 Meeting of Creditors
The purpose of the 341 meeting of creditors is to obtain sworn testimony from the debtor about the particular details of the bankruptcy case. The session is so named because it is required by bankruptcy code section 341. Attendance is mandatory; if you fail to appear or supply the trustee with the proper paperwork, you won’t be able to have your debts discharged.
You will want to prepare yourself as much as possible ahead of time with the particulars of your financial history. If you don’t know the answer to a question, you should state that you are unsure. You and your attorney will have 10 days to provide supplementary information. All statements are under oath, so providing false information can lead to a charge of perjury.
Preparing for the Meeting
You will need to provide proof of your identity, so bring a photo ID and your Social Security card with you. The trustee may also require your most recent tax return, a credit counseling certificate, a copy of the deed to your home, and your mortgage statement. The trustee may mail you a letter in advance of the 341 meeting asking for additional documents, so it is important to comply with these requests so you aren’t required to attend the session twice.
Although your creditors have the right to attend this meeting and ask you questions, this happens very rarely. Bankruptcy law requires the trustee to ask you about your assets, creditors, and income; however, the line of questioning may vary depending on the particulars of your bankruptcy case.
Some questions that may be asked are:
• Have you ever filed for bankruptcy before?
• Did you purchase your home in the last 4 years, prior to filing this bankruptcy?
• Is anyone holding any of your property?
• Have you listed everyone you owe money to, including friends and family?
• Do you have child support or domestic support obligations?
• Have you lived in Texas for the past 2 years?
• Does the petition list all sources of income you receive?
Before you File, Consult with a Bankruptcy Lawyer
Even though the 341 meeting of creditors seems like it would be a stressful experience, the session is fairly straightforward. A bankruptcy attorney will help prepare you for each step in the process and keep you well informed of your options along the way. The law offices of Warren & Migliaccio have specialized in all aspects of bankruptcy law since 1994, working alongside their clients to devise the best strategy to recoup your financial freedom. For a free consultation call 1-888-584-9614 today.