What Happens at the Meeting of Creditors?
When a debtor files for bankruptcy, whether the debtor is an individual or a business, the debtor will need to attend a hearing that is called the 341 meeting of creditors. The number refers to a specific part of the US Bankruptcy Code that requires this hearing and sets forth what happens within it. If you are planning to file for bankruptcy, your lawyer can provide you with more information about what to expect in your 341 meeting of creditors based on the specific details of your case. In the meantime, an experienced West Palm Beach bankruptcy lawyer at our firm can give you general information about this hearing, including why it occurs, how it works, when it occurs, and who is typically in attendance.
Why a 341 Meeting of Creditors?
The 341 meeting of creditors is a hearing designed to confirm the information submitted in your bankruptcy petition and to clarify any potential issues. It allows the trustee in the bankruptcy case to go over the information that the debtor has submitted (the petition, the schedules, accompanying documentation) with the debtor present. These questions can help the trustee to clear up any issues or to address any inconsistencies or concerns in the bankruptcy filing.
When the 341 Meeting of Creditors Occurs
The meeting is usually scheduled for between 20 days and 60 days after the date you file your bankruptcy petition.
What to Expect at a 341 Meeting of Creditors
In general, you should expect that the trustee, or representative of the US Trustee (in a Chapter 11 case), will ask questions about the materials you have submitted including and along with your bankruptcy petition. You will be required to answer all of the questions truthfully, and if you do not, you can be at risk of perjuring yourself. Questions can reference your financial information and financial circumstances, property, and questions about conduct. On a basic level, you will also have to answer questions that confirm the information submitted in your bankruptcy petition and in accompanying materials is correct, such as questions about your address, your familiarity with the petition, and whether you have filed for bankruptcy previously.
How Long Will the 341 Meeting of Creditors Last?
Generally speaking, the 341 meeting of creditors is very quick — it can be a 10-15 minute hearing in many cases. In more complex cases, or when there are questions or concerns, the hearing can take more time. Your lawyer can help you to understand more about what you should expect based on the details of your bankruptcy case.
Contact Our West Palm Beach Bankruptcy Attorneys Today
Having a clear understanding of all aspects of a bankruptcy case can be difficult, but you should keep in mind that your bankruptcy lawyer will be able to provide you with the information you need and guide you through the process effectively. If you have any questions about the meeting of creditors, or any other component or step of a bankruptcy case in South Florida, one of the experienced West Palm Beach bankruptcy lawyers at Kelley, Kaplan & Eller, PLLC can speak with you today. Contact us to learn more about how we can assist you.
Sources:
law.cornell.edu/uscode/text/11
law.cornell.edu/wex/341_meeting#:~:text=The%20purpose%20of%20a%20341,debtor%20in%20the%20bankruptcy%20filing
