The 341 meeting is an important step in a bankruptcy journey

If you have decided to resolve your debt problems by filing for bankruptcy, you have taken a positive step toward a brighter financial future. One of the stops along the way to debt discharge will be the 341 meeting.

The meaning of 341

The 341 meeting is also known as the “meeting of creditors.” The short-form name is derived from Section 341 of the United States Bankruptcy Code, which sets forth the requirements for this meeting. Your creditors will be informed of the meeting particulars so that they might attend. If they come, they are permitted to question you about your bankruptcy and relative matters. However, they usually stay away; they do not waive their rights in reference to the debts you owe if they choose not to appear.

What happens

The 341 meeting, which is normally brief, is held in a location outside of court. Your attorney will accompany you and no judge will be present. In most cases, the hearing will be conducted by a trustee assigned by the United States Trustee. He or she will ask you questions about such matters as your current financial state, your liabilities and your property. You will answer under penalty of perjury. The trustee will also want to make sure that you understand both the positive and negative effects of bankruptcy.

Document preparation

Your attorney will provide the trustee with pertinent documents, such as your bank statements, deeds to properties, tax returns and anything else required at the time of the 341 meeting. You should be prepared to bring proof of your SSN and a photo ID, such as your driver’s license.

Ending harassment

As of the date of your bankruptcy filing, all debt-collection activities will be prohibited. Your creditors will no longer be able to harass you with collection efforts, wage garnishment or levies. Once the 341 meeting is over, you can look forward to debt discharge, and know that a new day is about to begin in your financial life.

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