The 341 meeting, a big step to begin your bankruptcy journey

If you have decided to file for bankruptcy protection, you will find there are various steps to complete in the process. 

One of the early steps is attendance at the 341 meeting. Whether you choose Chapter 7 or Chapter 13, this is an important stop on your bankruptcy journey. 

Meeting of creditors 

The 341 meeting acquired its name from Title 11, Section 341 of the United States Bankruptcy Code. It is also known as the meeting of creditors since this part of the code allows creditors to meet with you and ask questions pertaining to your bankruptcy. However, keep in mind that creditors rarely attend since they do not risk their standing in the case by staying away. 

Introduction to trustee 

No doubt the most important aspect of the 341 meeting from your point of view is that this is where you will meet the trustee appointed to administer your bankruptcy case. The trustee will ask questions that you must answer under penalty of perjury. The trustee will use your answers to help manage your case in the most effective and efficient way possible. 

Debtor responsibilities

Your bankruptcy attorney will accompany you to the 341 meeting and provide the trustee with pertinent information about you. The trustee will expect to receive tax returns, bank statements, credit card statements, mortgage and other loan documents and related items that will assist in the administration of your case. You must bring a photo ID and proof of your Social Security number. If you should fail to appear, the trustee could request the dismissal of your bankruptcy case. Remember that attendance at the 341 meeting is an important step toward realizing a brighter financial future.