What is 341 meeting?
This type of meeting is usually held in every bankruptcy case filed by companies or businesses. In most cases, this meeting will take place 30 days after the bankruptcy petition is filed. It is also run by a bankruptcy trustee who takes over the petition, particularly about the schedule and the accuracy of the submitted information. The trustee will also discuss with the people involved about the exemptions, if there are any, for protected assets and review additional information requested at the 341 meeting.
What goes on in a 341 meeting?
A 341 meeting is not that long, usually about 1-2 hours. Most likely, you will be with other people who also filed bankruptcy and will face a 341 meeting as well. But make sure to arrive early for the meeting since other 341 meetings may take place in a single day. The day and time of the meeting may also vary from the complication of the petition. When there are too many debtors filing bankruptcy or the case is very difficult, the meeting may run over the allotted time or be delayed and proceed the next day.
While in a meeting, make sure to familiarize yourself with the process to avoid confusion. And since the meeting is a legal procedure, an oath will take place to tell the truth about the claim. The meeting will also be recorded with a tape or by a court reporter.
A 341 meeting may sound frightening, since it talks about your bankruptcy case but things may work out for good when you are prepared. You don’t have to be frightened if you have all essential data and information needed in any legal proceedings. The key is planning and preparation for the debtor. If you don’t know anything about the ins and outs of the meeting, consultation with an experienced bankruptcy attorney can save you a lot of stress. An attorney can get you through the process, especially dealing with local judges, and trustees all throughout the meeting.
There are plenty of questions associated with meeting so having an attorney can help a lot for proper answering and consultation. But once the questioning has commenced, the 341 meeting can be ended by the trustee. However, this is not the end of the case yet. There could be more follow up meetings or an adversarial proceeding after the 341 meeting.
Things to Remember
Be sure to answer the questions of all the trustees to the best of your knowledge with honesty. This will help you avoid problems that may come after the meeting. The trustee may decide if there are assets that can be sold and distributed. If there is no asset and everything goes out well, you will receive a discharge from the court in the mail. You also have to pass important papers to the trustee and know which chapter you are in. This will give you less time in the meeting and will provide sufficient information for smoother proceedings.