Personal bankruptcy: What Is a 341 Meeting?
In the previous article, I presented a list of questions you’ll need to reply to at a 341 meeting and as then many of you have said to explain more about this getting together.
A 341 meeting, generally known as a First Meeting of Credit card companies, must be held in every bankruptcy proceeding case. The Bankruptcy Clerk of Court in my legal system will usually schedule a 341 meeting for a chapter 8 bankruptcy about 30 days following your bankruptcy petition is recorded. For chapter 13 circumstances, a 341 meeting is going to be scheduled for the third Thursday of the month after the section 13 bankruptcy petition is actually filed unless there is some kind of weird holiday issue. Keep in mind, that a chapter 13 personal bankruptcy is a payment plan to pay back a few or all of the debt whilst a chapter 7 personal bankruptcy requires no payment and also the debt is completely discharged.
The majority of my clients are anxious when they show up for their 341 meetings. No matter what I say right here I will not be able to convince anyone that there is no reason to be anxious. If there is a problem that has occurred or is going to arise your own attorney will already know about it and will have discussed it hand. Even though other people will be found at the 341 meetings, generally no one is bothering to be at other clients’ meetings. Typically the 341 meeting is a prerequisite under the bankruptcy code making it a requirement for everyone who may be at the meeting to be right now there. Not only do you not want to be right now there but neither does anyone different including myself and the trustee!
The bankruptcy trustee could be the person who runs the getting together with. For a chapter 7 bankruptcy proceeding 341 meeting, the trustee will go over the petition along with schedules and confirm the data that is provided is exact. Sometimes if there is an issue using exemptions (protected assets) typically the trustee may want to take the probability to discuss it with you. If the phase 7 trustee wants a traveller he may request it in the 341 meetings. For a section 13 bankruptcy 341 conference, the trustee’s main concentration is going to be reviewing the section 13 plan to make sure it had been prepared correctly and that everybody understands what the plan is actually directing the debtors to perform. The debtor in section 13 should have made his / her first payment to the trustee by the time the chapter thirteen 341 meetings are kept.
The Bankruptcy Clerk associated with Court normally will routine ten 341 meetings for every hour. What this means is that each situation is allotted 5 minutes to be completed. Because there isn’t a wide range of time, the trustee generally won’t go into many aspects and will rely on the information shown in the bankruptcy petition. It is one reason it is important to find an encountered bankruptcy attorney. The better and even more complete the job is performed on the front side end – the lesser amount of work the job is on the back end.
In both chapter thirteen bankruptcy and chapter seven bankruptcy cases the trustee will ask questions of the borrower. These questions have generally already been asked by our own office and the trustee is just reviewing the information to verify it is correct. Some of the queries that are asked at a 341 meeting include but are not really limited to:
Please state your own name;
Do you still reside at the same address that you resided at when you filed your own petition;
Have you ever filed for personal bankruptcy before;
Did you record all your assets and all your finances to the best of your potential;
When you filed was anyone being garnished or possessed anyone taken any money compared to you;
Did you have more than 1000 dollars? 00 on hand or in banking accounts when you filed;
Did anyone pay an unsecured banker more than $600? 00 from the 90 days prior to filing;
Do you pay back or send any property to a loved one in the year prior to filing;
Do you transfer any house to anyone else in the 2 yrs prior to filing;
Did a person enter into a written charge contract with your bankruptcy lawyer;
Did your attorney take a look at the bankruptcy petition with you;
Does your attorney explain the actual bankruptcy chapters you may document and the differences between them?
Besides the above questions, the trustee will usually make sure that all real estate that the debtor owns is actually properly listed. Further, the actual trustee will go over all pension accounts and vehicles which are owned by the debtor.
In case the debtor owes child assistance the trustee will question that a special form always is filled out by the debtor ahead of leaving the meeting. My spouse and I normally fill out the contract for my clients since I am faster and I like to get out of there too!
Many purchasers want to know who will be at the 341 meetings. At the beginning of typically, the hour of the 341 getting together there will be about 10 consumers (and their spouses in case the spouse filed with the debtor). Normally everyone has an attorney together. Some people bring their children (those people get to go 1st if the kids are misbehaving). We recommend that you do not deliver your children to your 341 appointments. Other people will bring their complete family (maybe they do that will for support).
Clients need to know if creditors will appear for that 341 meetings. The best way to respond to this concern is that collectors normally do not appear. Collectors do have the right to appear and enquire about questions. They just commonly don’t because the legal challenge of the creditor’s debt staying discharged isn’t really addressed within the 341 meetings. In addition, loan companies have to pay someone to appear at often the 341 meetings and they have a tendency to want to incur the expense associated with someone there. Another point to produce is that in most cases chapter 6 bankruptcies are no asset conditions meaning there are no materials or property to be purchased and distributed to the loan companies and therefore the creditors do not have interest in it or care about what happens.
Buyers want to know what to wear with their 341 meetings. I recommend using what you wear to work. Some individuals like to dress up and that is great to. You will find me typically wearing slacks, tie, and also a jacket at 341 gatherings but sometimes I may also dress more casually.
In order to sum up the important information about the 341 meetings:
The trustee works the 341 meetings;
Do not be nervous. No one has ever before died or been damaged at a 341 meeting;
All people will be there doing it exact same thing that you are carrying out;
Each meeting takes between 3 and 5 minutes;
The particular trustee will ask identical questions to just about everyone;
Every single client will get a 341 appointment letter. Please read the page.
Come about 15 minutes early;
Your easiest answers are always going to be it depends.
I hope you find this very helpful. If you have more questions or merely want to discuss any difficulties prior to your 341 assemblies, be sure to contact your bankruptcy legal representative.