Preparing for Your Chapter 7 Meeting of Creditors

A meeting of creditors may be the wrong term to use when it comes to Chapter 7 bankruptcy, because creditors rarely show up. The 341 meeting, as it’s also called, is one more step up to successfully filing bankruptcy. There are some tips to know before your 341 meeting.

The Notice
You need to remember several key points after getting your notice for a 341 meeting. When is the meeting, at what time, where will it be held, how do you get there, where do you park, and what should you bring? These are some good questions to have, and the answers can be found on your notice or with a map. You also want to confirm with your lawyer that he or she received the notice. If you have further questions and worries, a good lawyer can help.

Study the Notice
You also will be given further information on your notice, namely the trustee assigned to your case. Your trustee is a key component of filing Chapter 7 bankruptcy. You want to ensure this person has no relationship with those you owe money; though rare, it happens and needs to be immediately addressed. If you ever have to change trustees, you will likely get a new notice with a new date for the 341 meeting.

Arrive Early
Just in case you are unfamiliar with where the 341 meeting will be held, be sure to leave early. Yes, the meeting is a formality, but one which deserves your full attention.

The Paperwork
In the notice you’ll also see if all required documents have been given to the court. In cases where you are unsure of what documentation needs to be filed, this should be addressed by your lawyer. Sometimes the wrong documentation can be filed or not filed at all. Problems like these are to be solved by your lawyer; that’s why you pay him or her.

What to bring?
Bring your ID or some other valid form of identification. You should also have proof of your Social Security number, if not then your W-2 tax form or other proof. You also may want to bring a notebook to the meeting in order to take important notes, especially helpful if you have some problems.

Review More
For what may be the final time, you should review all your bankruptcy information. It may be smart to do this with your lawyer. You can go over your current proof of income, debts you have, what debts will not be discharged, and more. If you see some problems, it’s okay: you’re lawyer can help, and the trustee can help you with any changes.

Be Confident
Once you’re ready for the 341 meeting, go in confidently. This is quite often a formality if all your documentation is in order. So take a deep breath and look at this as one of the final steps to financial freedom.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 12:43 pm

5 Tips on the Georgia 341 Meeting

What is the Georgia Meeting of Creditors like? A Meeting of Creditors is also called a 341 meeting, and  first we need to address what it means. At this meeting, your trustee will be going over your documentation for filing bankruptcy; it occurs in both Chapter 7 and Chapter 13 bankruptcy, though the details can be different.

Chapter 7 bankruptcy can be more advantageous if you have a lot of debt. Creditors have the right to appeal your filing and can also question you at the 341 meeting. Chapter 13 bankruptcy is very different, as you create a debt repayment plan instead of discharging debt. At the 341 meeting, creditors can still question you and appeal, but they’ll be getting their money.

Now that we know how personal bankruptcy and the 341 meeting connect, it’s time to figure out how to act during the meeting. This post gives you 5 essential tips.

Stay Calm
Since you are not in a courtroom during a 341 meeting, you need not stress out about how it goes. In fact, most times creditors fail to even show up to these meetings. Often there is little they can actually do. It’s a brief, easy meeting but is also very important. There are rarely any problems created in a 341 meeting.

What to Bring, What to Wear
You usually only need to bring your photo ID and your bankruptcy lawyer handles the rest. As this is not a court room, you need no formal outfit; dress casually.

When to Be Honest
You should be honest always, but as we’ll go over, at times you simply will not want to answer. However, do not let that worry yourself, because questions directed at you are simple. You should always be honest about your financial outlook, your documents, and if you honestly made some mistakes.

When to Not Answer
There are very rare occasions where a filer is asked something they might not answer. Since this is not   a court room, but it is a meeting, you can choose not to answer certain questions. If you have to, for the record, plead the 5th  just like in court.

How to Finish Strong
The important thing to remember is this will be short, frank, and relatively easy. Your trustee will be overseeing the hearing, and he or she are actually quite important for your case. So finish strong, be honest, and follow any guidance your bankruptcy attorney gives you.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 12:23 pm


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