Being heavily in debt can be overwhelming, but Illinois residents can alleviate that burden by filing for bankruptcy. If you file for Chapter 7, you’ll have a 341 meeting at some point. Knowing what this is can help prepare you for it.
What is a 341 meeting?
A 341 meeting involves creditors and debtors during a Chapter 7 bankruptcy. Around one month after the filing, the meeting takes place. The person who filed and a bankruptcy trustee appointed by the court must appear and meet with the creditors. The debtor should know what happens at a 341 meeting so they can be prepared for it.
What happens at a 341 meeting?
It’s fair for Chapter 7 filers to wonder what happens at a 341 meeting if it’s their first filing. The trustee is there to verify the debtor’s identity, check their documentation, and ensure that the creditors are paid as much as the debtor can manage. The trustee’s job is to make sure everything the debtor has attested to is true and accurate.
Debtors should bring a photo ID, Social Security Card, and documents that show a change in the financial situation since the bankruptcy with them to the 341 meetings.
How do the 341 meetings work?
The purpose of a 341 meeting is to determine the facts surrounding a bankruptcy case. It is used to ensure that all the debtor’s paperwork is in order and that the bankruptcy was legitimately filed. The trustee serves to make sure that everything presented is factual evidence and that no situation of fraud exists on the part of the debtor.
Creditors receive notice of the 341 meetings, but in most cases, they don’t appear. If a creditor does appear, they may ask the debtor certain questions about their finances.