What is a Bankruptcy 341 Meeting?
Once a bankruptcy case is filed, a court-appointed Trustee is automatically assigned to your case. Their job is to represent your unsecured creditors and administer the case.
In a Chapter 7, the Trustee is the person who will review your case in order to see if any assets are unprotected. If so, it is the Trustee who will liquidate them.
In a Chapter 13, the Trustee is the person who will review your Plan in order to ensure that the various Bankruptcy Code provisions are complied with.
Under either Chapter, you will be required to attend a Trustee Meeting, which is typically held about one month after the case is filed. These are also called “341 Meetings” because they are required under Section 341 of the Bankruptcy Code.
In Massachusetts, 341 Meetings are held in Boston, Worcester, Springfield, and Brockton. If you have an emergency or conflict preventing you from attending the scheduled meeting in your case, then you should contact the Trustee as soon as possible in order to reschedule. Most Trustees will accommodate any reasonable request to reschedule.
Prior to the meeting, the Trustee will request that your attorney provide some documentation to verify the information contained in your petition. As a result, you should only need to bring to the meeting your driver’s license and Social Security cards. These will be used to verify your identity.
At the meeting, the Trustee will ask you a series of questions regarding your property and financial circumstances in order to verify the information contained in your petition. You will be required to answer these questions under the penalty of perjury, so it is important to listen and respond carefully to the questions asked. Your creditors will also be invited to attend and ask questions, but they rarely do.
Please note that the Trustee is not a judge, and the 341 Meeting is not a court hearing or trial. If you have a disagreement with the Trustee, then that matter can be resolved by the Judge. However, in most cases, no judge involvement is needed and no court hearings are required.
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Culik Law is a Massachusetts Attorney / Law Firm. The posts on Culik Law’s blog are not intended as legal advice. If you have questions about your particular situation, CONTACT CULIK LAW for a Free Consultation.