What to expect in a 341 meeting
And, what if, my creditors don't show up?
Quote:Originally Posted by AnonymousI'm filing my own bankruptcy
Quote:
Originally Posted by Anonymous I'm filing my own bankruptcy hence I depend heavily on your suggestions. I have my 341 meeting scheduled next week. I am losing sleep over what to expect on the creditors' meeting. How should I prepare myself for it? And, what if, my creditors don't show up? |
341's are really nothing to sweat about. Easy peasy. If you have the time, go to your local bankruptcy court and sit thru a few hearings.
Take ID, copies of your tax returns, pay stubs etc. If you are an no assets case, dont expect any creditors to show....the whole thing is usually over in less than 10 minutes.
My attorney said if anyone shows, he would be surprised. I have
My attorney said if anyone shows, he would be surprised. I have a handout from my attorney giving me possible questions that might come my way from the Trustee. I will write them here for you. Of course, different Trustees may ask diffrerent questions. But, your attorney will know the Trustee and probably had hundreds of cases with that Trustee. Your attorney will know what the Trustee is looking for.
Above all else, be honest with everything on that packet of forms. If you lie, deceive, hide assets of value, and the Trustee finds out about it, he will probably ask the judge to dismiss the case and cause the creditors to not be discharged. Telling the truth and being up front with everything is of the utmost importance. And, it will benefit you more than not being truthful. Just my thought.
I was told that I probably won't see the judge, either. My attorney tells me that the 341 Meeting will be the only time I will have to be in the Courthouse.
Here are the questions:
1. Please state your full name for the record.
2. Did you retain "So and So" to file Chapter 7 for you?
3. Did you provide the information which was used to prepare the schedules?
4. Is everything true and correct to the best of your knowledge?
5. Does anything need to be changed or amended today?
6. Does the IRS owe you a tax refund?
7. Are you expecting to inherit from anyone within the next six months?
8. Are you holding any property for anyone?
9. Is anyone holding property for you?
10. Please explain to the Trustee at this time what caused the filing of this bankruptcy.
That is all I have. I just hope someone will answer my question about creditors.
Although the 341 meeting is also known as the creditors' meeting
Although the 341 meeting is also known as the creditors' meeting, in most cases, the creditors seldom show up. Generally, creditors come to dispute your claim for bankruptcy. If your creditors do come, they'll just be there to be heard by the trustee and will ask that any non-protected assets be distributed to them as payment. Again, if your petition is done correctly, the creditors will not show up. So, don't worry if the your creditors don't come to the meeting.
