What Are The Things To Know About A 341 Meeting Of Creditors?
What Can Someone Do Or What Should Someone Do To Prepare For This Meeting?
The main thing that a debtor can do to prepare for the meeting is to just review their petition and schedules and make sure they know what is in them; make sure they have told the truth; and make sure that they have not omitted any creditors or they have not omitted any assets.
They should also read the information their attorney has sent to them about what the potential questions are that they are going to be asked.
Then, here in the Southern District of California, they have a questionnaire that they need to fill out. It is generally requested that they fill out the questionnaire in advance so that their lawyer can review it prior to the hearing and make sure that that is correct and ready to be given to the trustee.
Other than that, get a good night’s sleep, have a good breakfast and be on time for the hearing. That is pretty much all that the debtors need to do.
At What Point In The Bankruptcy Process Does This Meeting Take Place?
The Meeting of Creditors is usually held within 40 days of the filing of the petition. What normally happens is that a person files a petition, a trustee is assigned to that case, the hearing date is set by the bankruptcy court and a notice is sent out by the court stating what date and time the 341 meeting of creditors hearing will be held.
After the Creditors Meeting, they have to wait for the set period of time that the creditors have to file objections to them receiving a discharge, objections to a claim or objections to an exemption. Once that period of time runs, which is 90 days, the trustee files a report and then the court processes their paperwork and issues them a discharge.
To get more information regarding the 341 Meeting of Creditors, call the law firm of Steven F. Bliss at (951) 412-2800 now for a FREE Initial Consultation and get the information and legal answers you are seeking.
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