After taking the big step of filing for bankruptcy, your mind may be filled with questions and concerns about what will happen next. The concept of having an official 341 meeting (also referred to as a “meeting of creditors”) may understandably concern or even scare you.
5 Commonly Asked 341 Meeting Questions
Hopefully, the answers to the 341 meeting questions below will provide you some relief from that anxiety as you prepare for the next stage of this process:
1. How will I find out the exact date of the 341 meeting?
One of the most commonly asked 341 meeting questions is regarding the scheduling of the actual meeting itself. Contrary to popular belief, this is typically not scheduled on the same day that the paperwork is filed. Keep in mind that the court clerk will likely have to deal with multiple bankruptcy cases all at the same time. However, it is still the bankruptcy court clerk who is responsible for scheduling and notifying all parties involved of the date and time of the 341 meeting. This notification will generally be sent out via postal mail.
2. My spouse must work the day of our 341 meeting. Can I attend by myself?
Whether your spouse must attend the 341 meeting or not depends solely on the case type. If the bankruptcy was filed as a joint case, then both you and your spouse will be required to attend the meeting. It is widely known that the 341 meeting is the only mandatory event that most parties involved must attend. However, it is still mandatory. Since there are typically several weeks that pass between receiving the initial notice and the actual meeting date, both spouses should plan to get time off work and/or school to ensure that they can attend.
3. Are the creditors allowed to ambush me with questions during the meeting?
Perhaps one of the most intimidating aspects of a 341 meeting is knowing that you will come face-to-face with people representing the creditors listed within your bankruptcy paperwork. It is understandable, therefore, to picture this meeting as being an all-out attack that pits you against each of the creditors. Fortunately, it is the bankruptcy trustee that will facilitate the discussion and ask most of the questions.
4. Are there any 341 meeting questions that I can prepare for in advance?
As mentioned above, the bankruptcy trustee is the one who will preside over the 341 meeting and ask the questions. The trustee would have already had a chance to review your bankruptcy paperwork and schedules before the meeting starts. Therefore, he or she will likely come to the meeting with specific questions related to the assets that you are protecting or your payment history before the actual filing of the bankruptcy documentation. In addition, you may be asked questions about how you valued your property (i.e. house, cars, etc.) within the paperwork and whether you have any outstanding claims or expected inheritances.
5. How long does the 341 meeting typically last?
The timing of the meeting is another one of the most commonly asked 341 meeting questions simply because most filers need to plan their day accordingly. Fortunately, the average 341 meeting is less than 5 minutes long. If everything goes well, the bankruptcy proceeding moves forward to the discharge of debt automatically after the adjournment of the 341 meeting.