If you are specifically undergoing Chapter 7 bankruptcy proceedings, a required step is attending a 341 meeting of creditors. This meeting may be scheduled approximately 30 days from the date on which you filed your bankruptcy petition. With that, you must take advantage of this month or so and properly equip yourself to step into this meeting. Read on to discover the purpose of the 341 meeting of creditors and how a seasoned Rockland County bankruptcy attorney at The Law Offices of Allen A. Kolber, Esq. can serve as your legal representative at this time.
What is the purpose of a 341 meeting of creditors?
Of note, the name of this meeting is derived from Section 341 of the United States Bankruptcy Code. In that, the essential purpose of a 341 meeting of creditors is to establish the facts of your Chapter 7 bankruptcy filing.
Specifically, your bankruptcy trustee may have already reviewed the bankruptcy paperwork and all other relevant financial records you have submitted alongside your bankruptcy petition. But here, they may confirm the facts you have stated in your bankruptcy paperwork, such as your authentic identity. Plus, they may collect any other relevant financial records that may provide additional insight into your current assets, liabilities, income, and expenses. Overall, your bankruptcy trustee may be using this meeting to confirm that you are not committing or attempting to commit any form of bankruptcy fraud.
What’s more, if you and your bankruptcy trustee have a productive conversation, you may even be able to negotiate a potential repayment plan before you meet with the New York State bankruptcy judge.
What questions should I expect to be asked at this meeting?
Only you and your bankruptcy trustee are required to attend the 341 meeting of creditors. However, your creditors may be welcome to attend this meeting and ask any questions they may have for you. You must remember this so you are not blindsided when walking into this meeting. Without further ado, you must prepare yourself to answer the following difficult questions ahead of time:
- Did you make any cash advances soon before filing your bankruptcy petition?
- Did you purchase any luxury items soon before filing your bankruptcy petition?
- Do you plan on paying back your creditors primarily through giving back your nonexempt properties?
- Do you plan on paying back your creditors primarily through paying for your nonexempt properties’ replacement values?
- Do you plan on paying back your creditors primarily through negotiating reaffirmation agreements for your nonexempt properties?
- Do you have an explanation for the discrepancies between the information disclosed in your bankruptcy petition and your credit application?
Rest assured, our team at The Law Offices of Allen A. Kolber, Esq. has experience in attending these meetings. So please do not be afraid to reach out to a competent Rockland County bankruptcy attorney.
