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What Happens at a 341 Meeting of Creditors?

341 Meeting of Creditors

Seasoned Bankruptcy Attorney in Irvine, CA

If you are filing for bankruptcy, you may have to attend a meeting of creditors, also called a 341 hearing. At this hearing, you will be speaking with the trustee in your bankruptcy case, as well as any possible creditors with questions about your case. If things go smoothly, you can expect the meeting to be over in less than 15 minutes. To ensure the hearing is handled correctly, contact our team of bankruptcy attorneys at Peter Rasla & Associates, P.L.C.

What Do I Do in a 341 Meeting of Creditors?

The trustee appointed to your bankruptcy case has the task of getting your creditors paid as much as possible. They will do this by ensuring all of your assets are listed and that your reported income is accurate. It is important to be honest in this hearing, so if you discover additional assets or unreported income beforehand, tell the trustee immediately.

In a typical 341 meeting, you can expect:

  • Sworn under oath: Although you are probably going to be in a boardroom, the trustee will likely have you sworn in under oath in a way similar to a courtroom.
  • Document inspection: From your Social Security card to your recent bank statements, the trustee will closely analyze your relevant documentation.
  • Creditor inquiry: Creditors generally show up to the meeting due to questionable circumstances, such as recent cash advances or differences between identical reports. Based on the findings, the creditor may attempt to determine if you acted with the intent to commit fraud.

Get Professional Help – Contact Us Now

While a 341 meeting of creditors can be over quickly, the repercussions of showing up underprepared can be massive. Do not take any chances with your bankruptcy case. With nearly 20 years of experience, our firm is committed to protecting your best interests.

Reach out to us at Peter Rasla & Associates, P.L.C. today to ensure every step goes correctly – your free consultation awaits!