What to Expect at the 341 Meeting of Creditors

The 341 Meeting of Creditors is a hearing where the Trustee will ask you questions, under oath, about your assets and your liabilities. I will be there with you. You will be meeting with a Trustee and not a judge so the meeting is more informal than what you expect. Nevertheless, it is an important part of the bankruptcy process that one should not take lightly.

A Trustee swears in the debtor and conducts the meeting. Trustees are selected by the court because of their academic or work experience. In Jacksonville, we have good natured, respectful, but very thorough Trustees. Creditors may ask questions also although most creditors rarely attend.

The 341 Meeting usually lasts no more than five to ten minutes. The reason for meeting is simple: debtors confirm what they own and owe and briefly discuss the factors that caused them to file bankruptcy - illness, divorce, job loss or too much credit card debt. These discussions can often be emotionally stressful for our clients. That is one of the reasons that I personally attend all of my 341 Meetings with our clients. We don't use "stand in" attorneys as many other firms do.

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