One of the more common causes for anxiety with debtors has to do with the 341 Meeting of Creditors. In Chapter 7 cases, I often have to reassure clients that despite its title, the actual creditors usually do not make appearances as these meetings.
The “341” prefix is derived from the section of the Bankruptcy Code which provides the legal basis for the meeting. It allows the trustee assigned to your case to orally examine you to ensure that you are aware of your rights and any consequences for filing for bankruptcy. Just as is the case with Chapter 13 bankruptcy, the trustee has a financial interest in every case he or she sees, so a 341 Meeting allows the trustee to determine if you have any non-exempt assets that can be liquidated.
While the trustee conducts the questioning of the debtor in a majority of cases and the questioning typically does not last any longer than five minutes, the experience can still be fairly nerve-racking for most people. Again, even though the trustee is confirming that you have signed all the required documents and reviews them for accuracy, the 341 Meeting exemplifies another benefit of having an experienced Washington DC or Maryland bankruptcy lawyer accompany you to these proceedings.
Your attorney knows the preparation involved in advance of these meetings and can help remove much of the stress from the process for you. If you are considering filing Chapter 7 bankruptcy, my firm can help make your 341 Meeting go as quickly and smoothly as possible.
Law Firm of Kevin D. Judd – Maryland bankruptcy attorney