Preparing for a 341 Meeting
If you face serious financial difficulties, you might consider filing for bankruptcy to get a fresh start. There are several steps in the bankruptcy process. One of the most crucial is the 341 meeting of creditors, required by section 341 of the U.S. Bankruptcy Code. It is essential to be familiar with the issues addressed in the 341 meeting to prevent any problems from delaying the bankruptcy process.
What Is a 341 Meeting of Creditors?
The 341 meeting of creditors is a chance for the trustee and creditors to ask you questions under oath about your financial affairs and the case. The meeting is presided over by the Bankruptcy Administrator although the Bankruptcy sometimes delegates this task to the trustee.
At this time the meetings are being conducted via Zoom in the Eastern District of North Carolina Your attorney is also on the video conference.
The meeting will typically be scheduled for 20 to 40 days after filing your bankruptcy paperwork. If you filed for Chapter 7 bankruptcy, your trustee may review any non-exempt property you own that could be used to pay off your remaining debt. For a Chapter 13 bankruptcy, the trustee would most likely evaluate your reorganization plan to determine whether it is legally sound.
How to Prepare for a 341 Meeting
Because you will be under oath during your 341 meeting, it’s critical to be honest and keep your answers short and to the point. You should prepare for the meeting to make sure you can discuss your situation honestly and thoroughly.
Some steps you can take to prepare include the following:
- Gather all the documentation you need to confirm your identity and other personal details, including your employment.
- Carefully read through your forms and paperwork before filing for bankruptcy. You will be asked to confirm the information you submitted was accurate.
- Be prepared to discuss how you arrived at the value of your assets, whether you currently pay child support or alimony, what your current sources of income are, and other financial information.
- You should be prepared to address questions your creditors may have about your financial affairs and disclosures.
Your attorney will help you gather all documentation, optimizing the goal of orderly and accurate paperwork and asserting your rights during the hearing.
Common Questions Asked at 341 Meetings
While preparing for your 341 meetings, you should discuss the answers to some questions with your lawyer. Some of the most common questions you can expect to be asked at a 341 meeting include the following:
- Have you read and signed all of your bankruptcy forms yourself?
- Is this your first time filing for bankruptcy?
- Have you listed all creditors in your filing?
- How much money do you make per month?
- Do you pay child support or alimony?
- Do you owe any past-due income taxes?
- Are you expecting an income tax refund soon?
- Have you paid down any debt to family or friends in the past year?
- Where do you live, and have you lived there for at least 180 days?
- Did you list all of the assets you own in your bankruptcy filing?
- How did you value your assets and property?
- Does anyone owe you money?
- Do you have a stake in a business?
Talk to an Experienced Bankruptcy Attorney in Cary, NC Today
If you are considering filing for bankruptcy reach out to the legal team at Sasser Law Firm today. Our board-certified bankruptcy specialist lawyers have filed more than 10,000 cases in Chapters 11, 7, and 13. We have more than 20 years of experience handling bankruptcy cases.
Contact the North Carolina bankruptcy lawyers at the Sasser Law Firm today for a free consultation.
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For more than 20 years, the Sasser Law Firm has been helping individuals and business owners sort through financial hardships to see the light at the end of the tunnel. Our North Carolina bankruptcy attorneys are all board-certified specialists, which means we have passed a complex exam, undergone a thorough peer review, and continue to earn legal education credits in this ever-evolving area of law.
