The Section 341 meeting is generally referred to as the meeting of creditors. This meeting gives your creditors a chance to ask you questions regarding your bankruptcy filing. The meeting usually involves you, your attorney, and the bankruptcy trustee. Under most circumstances, your creditors will not likely show up. If they do show up they will typically ask a couple of questions. The situation is very professional and much more low key than what you would see in a trial setting on TV.
During the Section 341 meeting the trustee will typically ask you identification questions, questions about your petition, questions about your property, debts, and any potential preferential payments or transfers that you may have made. Which usually is where any problems will arise from your case. What are some of the typical problems that come up during the meeting of creditors? Preferential payments, which generally means you paid one creditor and not the others, will raise questions from the trustee. The trustee will see if they should get the money back from that creditor so that he or she can spread it more evenly to other creditors.
The 341 meeting is usually over in a matter of minutes. Once the meeting has ended, your creditors have a couple of months (60 days to be exact ) to raise any challenges. If nothing has happened during the 60 day period, you will likely receive your charge in a couple of months.
The Law Office of Jeffery M. Haupt is located in South Bend, Indiana and helps people handle family law issues such as divorce, parenting time, child support, paternity, and child custody. The information in this blog should only be used for educational purposes and not be construed as legal advice. Nothing in this blog creates an attorney-client relationship between me and any readers of this blog. No attorney-client relationship is created until you have a document from me saying so. We are a debt relief agency, we help people seek relief using the Bankruptcy Laws.
