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341meetingUpon filing for bankruptcy, part of the process will include what’s called a “341 meeting” which is essentially another name for a meeting of creditors. That number is specifically for Bankruptcy Code purposes.

A 341 meeting must take place no earlier than 21 days after you’ve filed for bankruptcy and no later than 40 days. Even though its name mentions creditors, typically you won’t see any creditor at the meeting. Though they may be held in a court building, these meetings are not held in a courtroom nor will a judge be present, they aren’t even allowed to be present in fact. Instead, they may be held in a conference room and will be attended by several other people that have also filed for bankruptcy, not just yourself.

Despite its importance, a 341 meeting can take as a little as 10 minutes to complete. These meetings are overseen by a person dubbed a trustee who will review your bankruptcy paperwork to ensure everything is correct and then sit with you to ask a couple of questions.

A trustee’s role is to make sure that your creditors are getting as much money as possible, which is why he or she will make sure that all your assets, income, and debt have been properly reported. They may also ask questions and it’s imperative to answer everything truthfully.

These financial tips are provided to you by Fort Lauderdale bankruptcy attorney Bigge & Rodriguez, P.A.  If you need a Fort Lauderdale bankruptcy lawyer or have questions about Chapter 7 or 13 bankruptcy, call 954.400.7322 to speak with us.  We also specialize in foreclosure defense.