When proceeding with bankruptcy, the petitioner should expect to attend a 341 meeting within one month of the filing date. This procedure is mandatory and failure to show up will result in a possible dismissal by the trustee.
Knowing what to expect during the conference can make what may seem like a daunting process a simple endeavor.
Expect information regarding the time and location of the meeting between 21 and 40 days after initially filing for bankruptcy.
Gathering Required Information Prior To The Meeting
Petitioners should expect to have the following documents and information present at the bankruptcy proceeding:
• Personal identification such as a state ID or driver’s license
• Verification of petitioner’s social security number (SSN)
Depending on the details of your particular case, a trustee may request other documents essential to the specifics of the situation such as:
• Car titles
• Tax Return Documents
• Pay Stubs
If some of this information has already been submitted to your attorney prior to the scheduled meeting, focus on documents that have yet to be presented to the case.
What To Expect During The Proceeding
During a 341 meeting, the petitioner should expect to answer questions posed by both the trustee in charge of overseeing the details of the bankruptcy as well as those posed by creditors involved in the proceeding.
Many times creditors will not participate in these meetings since the trustee is usually able to cover the necessary questions themselves. If creditors do attend, they are most likely there to ascertain a general motive behind your decision to file for bankruptcy.
Keep in mind that you will be sworn in at the beginning of the meeting and your answers will be under oath. If the trustee requires any documents or essential information not provided at the meeting, he or she will provide you with additional time to locate and present it if a guarantee is agreed upon between the two parties for an additional submission deadline.
Most primary questions posed by the trustee will simply confirm information provided from the bankruptcy petition, but it is advantageous to review the specifics of your financial history in the event you are questioned about past property transfers and any circumstances surrounding them.
For more information on 341 meetings, check out this post from our friends at a leading North Carolina bankruptcy firm.
Schedule a free consultation to discuss your bankruptcy options orother legal concern with a Beloit bankruptcy attorney from The Fitzgerald Law Firm by clicking here. You can also reach us by phone by dialing (608) 318 3489 in Wisconsin or (224) 7253489 in Illinois.
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