No Need to Be Afraid of Your 341 Creditor Meeting
Transcript:
Hi, bankruptcy attorney at Clear Counsel Law Group. My name's Matt McArthur. Today I want to talk to you a little bit about 341 meetings of creditors.
You might hear this meeting called different names, a 341 meeting, a meeting of creditors.
It's all the same thing. What it is is a chance for you to meet down at the courthouse with your chapter trustee.
If you filed a Chapter 7, you'll be with the Chapter 7 trustee. If you've done a Chapter 13, likewise, you'll be meeting with the Chapter 13 trustee. Now creditors can also attend this meeting. That's actually the purpose, the main purpose of the meeting.
The meeting is for most cases a bit of a misnomer.
Creditors rarely show up to these meetings.
Probably less than one percent of cases actually have a creditor show up.
When they do show up, the questions are pretty mild. They're not very hard hitting questions to be answered.
What usually happens is you and your attorney and your chapter trustee will be present at this meeting of creditors.
You'll be sworn in.
A Few Helpful 341 Creditor Meeting Tips
You'll need your ID and Social Security Card with you at the meeting.
Once you're sworn in, you're going to be asked a series of questions under oath.
These questions are pretty easy to answer.
As long as you tell the truth, you have nothing to worry about.
You're going to be answering questions like, "Have you ever filed bankruptcy before? Uh, did you review all the paperwork that your attorney prepared? Did you sign it? Did you list everything that you own and everyone you owe money to in it?"
Those are the types of questions you'll be answering.
Now you're not going to be appearing in front a judge. The black robbed figure with the gavel is not going to be there.
That individual that is assigned to your case does exist. You'll probably never appear in front of a judge in the scary courtroom.
What usually happens is we'll meet in a side room downstairs with the trustee, who's usually another attorney, who is randomly assigned to your case to make sure we've fulfilled all the filing requirements, we've submitted all the documents, and all the information that's required to be submitted.
You don't have to get dressed up for this, because you're not appearing in front of the judge.
There's a recording device, so you need to provide audible answers.
Shaking your head up and down or side to side usually isn't sufficient.
You'll want to make sure your phone's on silent.
Otherwise, it's a pretty easy meeting. Again, if you're at all nervous or anxious about this, please don't be.
Like I said, as long as you tell the truth, you'll be well prepared for this meeting.
If you have an upcoming 341, I look forward to seeing you there.
If you haven't filed bankruptcy yet, and you're just ... You just like to learn about bankruptcy, I look forward to meeting with you soon. We'll get the process started. I'm Matt McArthur at Clear Counsel Law Group.
I look forward to seeing you soon.
