Tag Archives: Meeting of Creditors

Your Meeting of Creditors….Don’t be Intimidated

 

When you file for bankruptcy protection, you are required to attend a meeting of creditors. This meeting is required by 11 USC §341, so it is also commonly referred to as the “341 meeting.” It is normal to feel nervous about attending this meeting. For guidance on what generally occurs at the 341 meeting, please read our blog titled “The “Meeting of Creditors” in Bankruptcy.”

mtg of creditors pic

Meeting of Creditors

The reality is that you should look forward to attending your meeting of creditors. Consider the following:

  • In a typical personal bankruptcy case, the 341 meeting does not last long. In fact, most debtors answer routine questions asked by the trustee assigned to the case that takes approximately 10 minutes. It may take longer for you to have your case called than it does for you to actually answer questions!
  • It is common for very few, if any, creditors to attend the 341 meeting. Even though the meeting is designed to allow the trustee and your creditors to ask you questions under oath, the more sophisticated creditors understand how their debt will be treated in your filing. Thus, they do not spend the time or money to attend the hearing. If you should have creditors attend, your attorney is there to assist you.
  • An experienced bankruptcy attorney has handled hundreds of meetings of creditors. Thus, he or she will likely have anticipated any issues that may arise. It is our practice to ensure that you are fully prepared for your 341 meeting and that you know what to expect in advance.
  • Most debtors only have to attend one meeting of creditors. Thus, once your 341 meeting is over, you probably do not have to go back to the courthouse for the remainder of your case. You can sit back and wait to receive your discharge order.

Most of our clients tell us that their meeting of creditors was “no big deal” or much easier than they had expected. Don’t waste time stressing over your 341 meeting and have the peace of mind that your bankruptcy lawyer will ensure that you are prepared.

Contact a Brevard County Bankruptcy Attorney

If you have questions about filing for bankruptcy protection, we have the answers. Call us today to schedule your initial consultation. Our office is located in Melbourne, but we proudly serve individuals and businesses across the Brevard County and Space Coast area.


The “Meeting of Creditors” in Bankruptcy

Atty mtg

Pursuant to 11 U.S.C. §341, whether you file a Chapter 7, 11 or 13 bankruptcy case, you are required to attend a meeting of creditors. The meeting of creditors is a time for the trustee and your creditors to ask you questions regarding your finances. It is also commonly called the “341 meeting” and it is typically scheduled about 40 days from your petition date. Failure to attend the meeting of creditors can result in your case being dismissed.

Common Questions Asked

The trustee often asks each debtor a variety of questions regarding his/her income, debts and assets. Below are a few examples of questions you may be asked at your 341 meeting:

  • Have you reviewed your bankruptcy petition and schedules?
  • Where are you currently employed?
  • Where do you live?
  • Do you expect a windfall (such as an inheritance, lawsuit, etc.) anytime soon?
  • Have you listed all of your assets and debts in your pleadings?
  • Have you transferred any assets within the last two years?

General Tips

seasoned bankruptcy lawyer will help you prepare for your 341 meeting, but below are some general tips:

  • Arrive at your meeting early so you have plenty of time to proceed through the security line. Dress can be casual, but it should be appropriate attire for a court appearance.
  • Make sure you bring the paperwork requested by your attorney and the trustee. Every trustee in Florida’s Middle District requires a valid government issued identification, and proof of your social security number. Proof of your social security number can be your social security card, a medicare card (with your social security number printed on it), an employer-issued W-2, or a 1099. Your tax return will not prove your social security number because you prepare your tax return. If you fail to bring either, the trustee will make you go get them and return either that day or the next time that trustee holds 341 meetings. Examples of additional documents you may be asked to provide include bank statements, tax returns, and payroll statements. If you do not bring documents requested by the trustee, it could result in your hearing being postponed to a later date.
  • The most important tip is to answer all questions to the best of your ability and to be honest.

In most cases, creditors do not attend the meeting of creditors. However, if you have a creditor attend and start asking questions, it is very helpful to have a knowledgeable bankruptcy attorney by your side. Contact us today for a free initial consultation!

Contact a Brevard County Bankruptcy Attorney at Faro & Crowder, PA

If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment. We are located in Melbourne, Florida on Sarno Road and serve residents and businesses of the Space Coast and Brevard County.

Services Areas

We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

Get In Touch with Faro & Crowder, PA

Faro & Crowder, PA
Phone: 321-784-8158
Address:
1801 N. Sarno Road, Suite 01
Melbourne, FL 32935
Email: info@farolaw.com

The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

Understanding the “Meeting of Creditors”

All debtors are required to attend a meeting of creditors, as required by Section 341 of the Bankruptcy Code. It is normal for you to feel nervous about appearing before the trustee and your creditors to answer questions under oath about your finances, but a seasoned bankruptcy attorney will make sure you are fully prepared and walk you through each step of the process. Below are a few helpful tips for getting prepared for your meeting of creditors:

Financial Records

As your bankruptcy lawyer, we will provide you with a list of the documents you must bring to the meeting of creditors. Examples of the paperwork you will need to provide to the trustee include:

  • Driver’s license (or other government from of ID) and social security card
  • Proof of mortgage on home
  • Title and liens on all vehicles (autos, motorcycles, boats, motor homes, 4-wheelers, tractors, etc.)
  • Bank statements
  • Pay stubs

The trustee assigned to administer your case may also provide you with a list of records to bring. Failure to provide the requested documents could result in your meeting of creditors being postponed to a later date. Continued failure to provide the records could result in your case being dismissed.

Questions You May be Asked

The meeting of creditors is a time for the trustee (and any creditors who appear) to ask questions and make sure the court has a full understanding of your financial situation. Below are examples of questions commonly asked:

  • Have you reviewed your bankruptcy pleadings? Is everything correct?
  • Did you list ALL of your assets and your debts?
  • Do you expect any kind of windfall (like an inheritance) in the near future?
  • Do you have any claims against anyone (like a lawsuit)?
  • Confirm your current address
  • Do you own any real property other than your home?

The most important piece of advice is to tell the truth. If you have concerns regarding any of your assets or debts, be sure to discuss it with your lawyer before your meeting of creditors.

If you are considering filing for bankruptcy, contact our office for a free consultation with attorneys who help you get a fresh and fair start.

Contact a Brevard County Bankruptcy Attorney at Faro & Crowder, PA

If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment. We are located in Melbourne, Florida on Sarno Road and serve residents and businesses of the Space Coast and Brevard County.

Services Areas

We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

Get In Touch with Faro & Crowder, PA

Faro & Crowder, PA
Phone: 321-784-8158
Address:
1801 N. Sarno Road, Suite 01
Melbourne, FL 32935
Email: info@farolaw.com

The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

Contact Us For A Free Consultation






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