What happens at my first meeting of creditors?
Bankruptcy offers financial relief in many different ways. There are also different chapters that you can choose from, each of which will provide different benefits depending on your financial situation. No matter which chapter of bankruptcy you choose, you’ll always have to attend a “First Meeting of Creditors”, also known as a 341 hearing. You might wonder what a “First Meeting of Creditors” is, who will attend, and how the meeting will be conducted. This blog will explore these topics and serve as a brief guide to navigating the process of preparing for and attending a first meeting of creditors.
Fundamentally, the first meeting of creditors serves as an opportunity for someone who has filed bankruptcy to speak directly with the trustee (the federally appointed official overseeing their case) for the purpose of confirming the information in their bankruptcy filing. The trustee will ask you a few simple questions that can be answered with yes or no to confirm the accuracy of the information in your bankruptcy petition. These questions will be fairly brief, and for the most part will be the same questions that your attorney went over with you when the case was being put together during your review and sign meeting.
Often, a first meeting of creditors can be completed in around five to ten minutes, and once it’s over, you typically won’t have to make any other appearances for your bankruptcy! The trustee will ask questions about your bankruptcy schedules. However, they will not be asking for specific numbers or amounts deducted from a pay check for healthcare or retirement. A lawyer from your law office will also be present, so they can help you if you need to verify any specific information filed with the court. Does the fact that it is called “The First Meeting of Creditors”, mean that creditors are going to show up? The answer is usually no. Although a creditor has the right to attend the meeting, they rarely do. The name “First Meeting of Creditors” is misleading, as not only are creditors not usually present, but there is also no second meeting. The trustee and your attorney will not be present at the meeting, so the attendance will be minimal.
Lastly you may wonder where the meeting will take place. In most cases, the meeting takes place via a zoom call. This means that you can participate in the meeting remotely from virtually anywhere! This means that you can participate in the meeting remotely from virtually anywhere!
Generally, the first meeting of creditors (or 341 hearing) is an opportunity to directly confirm the contents of your bankruptcy filing with the trustee. This is not a meeting you should attempt alone. Your attorney and staff members who are assisting you in your case will work together with you to review information from your petition and schedules and prepare you for questions that the trustee is likely to ask. We will be there at your side throughout the meeting. Call Now for a Free Strategy Session with an MN Bankruptcy Lawyer at LIFEBACK LAW FIRMS
At Lifeback Law Firm, we know and understand that the bankruptcy procedure works best when there is a dedicated team of people around you who are committed to guiding you through the process. This includes the first meeting of creditors. When the time is right, or when you are ready, please don’t hesitate to reach out to Minnesota’s most kind and helpful bankruptcy law firm by going now to
www.lifebacklaw.com
. https://www.youtube.com/watch?v=tMPTPJg-rus
