In a consumer bankruptcy filing, whether a Chapter 7 or a Chapter 13, one of the first things that happens is a creditors meeting. Often referred to as the 341 meeting, this is when you and the bankruptcy trustee meet with your creditors.
Generally, the 341 meeting occurs three to six weeks after your initial filing. The meeting is usually short and informal and may be the only meeting you are required to attend for your case

The 341 meeting is held to ensure that in your bankruptcy, you have honestly represented your income, assets, and debts—and the trustee can question you under oath about your finances and property. Creditors may also ask questions but only to establish facts, not to make you explain why you have filed for bankruptcy.

You are required to attend the meeting and to answer questions—and if you don’t your bankruptcy can be dismissed. Your Texas bankruptcy attorney attends the meeting with you. However, meeting attendance is not required of the creditors and often in consumer bankruptcies, creditors do not attend.

During the meeting the trustee places you under oath, and asks questions geared toward verifying your information and to ask about anything that might be missing from your paperwork. If any creditors are present, they too may ask you questions about your property and income.

You should attend the meeting prepared to answer questions about your case and to ask about anything in the proceeding that you do not understand.

Get help from an experienced Texas bankruptcy attorney

The 341 meeting is typically the last thing you have to do in a bankruptcy case and afterwards the only thing to do is to wait for the notice of discharge. If you have questions about the 341 meeting or other aspects of filing bankruptcy contact us online or call 972-772-3083 to schedule a free consultation today.

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