Joseph P. Doyle Articles The 341 Meeting of the Creditors

The 341 Meeting of the Creditors

By Joseph P. Doyle  May. 6, 2011 11:33a

Once you have successfully filed your Chapter 7 or Chapter 13 bankruptcy petition, there will be what is called the 341 meeting of the creditors. This is a scheduled, short and informal meeting which you will be required to attend during your case, it is also the only meeting which you will have to appear for. This meeting will typically take place in a large room, with numerous other individuals and couples who are also filing for bankruptcy. If you hired a Chicago bankruptcy attorney to represent you, he or she will be by your side at the 341 meeting.

The 341 meeting will take place approximately 20 to 40 days after your bankruptcy petition has been filed. During this meeting, you will meet with the trustee, who is in charge of managing your case. The trustee will ask you questions, under oath, about your finances and any assets or property that you may possess. This is a face to face meeting, where the trustee ensures that you have honestly represented your income, assets and debts in your bankruptcy case.

You Must Attend the 341 Meeting

Your presence at the 341 meeting is mandatory. A failure to appear can result in your case being dismissed. Your creditors will be given notice of the meeting; however it is highly unlikely that any of them will appear; they do not normally attend 341 meetings involving individuals.

The meeting is typically very short, around 15 minutes. There is no judge. When your name is called you will be asked to sit with the trustee. This meeting will give the trustee the opportunity to ask any questions that he might have and to find out if there is any missing paperwork. You will also be allowed to ask the trustee any questions that you may have.

Once you have completed the 341 meeting, if you filed Chapter 7, all you have to do is wait the 60 days for a discharge, providing you have completed the post-petition financial management briefing. If the trustee has accepted your Chapter 13 repayment plan, then the meeting is over and you can begin making the proposed payments as have been outlined in your repayment plan.

Chicago Bankruptcy Attorney

At the Law Office of Joseph P. Doyle, a Chicago bankruptcy attorney from our firm can sit down with you and answer any questions that you have about bankruptcy. Contact us today!

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