You may or may not have ever attended a 341 Creditors’ Meeting, but I’ve got you beat. In my 25 years as a debt consolidation lawyer offering bankruptcy services in Indiana, I’ve attended tens of thousands of them.
Any meeting held at a court house may seem scary to a first timer. After all, the meeting involves taking an oath to tell the truth before answering questions about your personal finances. Even the name is intimidating, because the creditors in question are people and companies to whom you owe money!
Since one aspect of my work is preparing clients for these meetings as part of offering Indiana bankruptcy help, I can tell you that the process is surprisingly fast and smooth. Many 341 meetings are over in less than half an hour and (most surprising of all to Indiana bankruptcy filers), in most cases the creditors themselves don’t bother showing up!
All the Indiana bankruptcy attorneys who work in the Zuckerberg bankruptcy law offices have had the same experience – showing up for a creditors’ meeting and finding no creditors there! So, who IS there? Well the meeting is run by a court-approved bankruptcy trustee (typically a local attorney employed by the court). You’re there, and your attorney is there. If you’ve filed bankruptcy jointly with your spouse, then he or she is there along with you. If it’s a small business bankruptcy in Indiana and you have partners in that business, they would come to the meeting as well.
The trustee asks you questions about the bankruptcy documents I’ve helped prepare, detailing your assets, your income, your financial obligations, and your debts.
Have you read the document? Is everything correct on it? Have you listed all your creditors? Are you expecting any sort of prize, cash award, or inheritance? Have you given away assets within the past six months?
If creditors’ have come to the meeting, they are allowed to ask you questions as well.
Once the trustee if satisfied that all the information is in your documents and that you’ve answered truthfully, the meeting is over and the first stage of the bankruptcy process is complete.
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg