Between your initial bankruptcy filing and meeting with a Kentucky bankruptcy judge, you may attend a 341 meeting of creditors. This step is specifically required of you if you petitioned for a Chapter 7 bankruptcy. Follow along to find out the basic expectations of a 341 meeting of creditors and how a proficient Louisville, Kentucky consumer bankruptcy lawyer at Schwartz Bankruptcy Law Center can help you properly prepare for yours.

What should I expect from the 341 meeting of creditors?

Essentially, the 341 meeting of creditors may be the first time you meet your appointed bankruptcy trustee. This may also be when you face your creditors, who were extended an invitation to attend voluntarily. Without further ado, you may hold the following expectations concerning this meeting:

  • You may expect your spouse to attend this meeting too, if applicable.
  • You may expect to take an oath at the very beginning of this meeting.
  • You may expect this meeting to take place in the federal courthouse in the district where you filed for bankruptcy.
  • You may expect this meeting to last no more than 10 minutes, so long as you do not have a lot of nonexempt property.
  • You may expect this meeting to be scheduled anywhere between 21 and 50 days from your initial Chapter 7 bankruptcy filing date.
  • You may expect your bankruptcy trustee to ask for additional documents proving your identity.
  • You may expect your trustee to ask for additional documents proving your assets, income, debts, and expenses.
  • You may expect your trustee to begin negotiating a repayment plan for your nonexempt property to propose to the judge.
  • You may expect your creditors to ask questions concerning how you plan to pay off outstanding debt on your nonexempt property.

What can I do to prepare for this meeting?

You must understand that you may be allowed to have a bankruptcy lawyer accompany you to your 341 meeting of creditors. With that being said, the best way in which you may prepare for this meeting is to retain legal representation straight away.

That is, before the meeting, your lawyer may inform you of the specific bankruptcy documents and financial records you may be expected to produce. What’s more, they may help you practice your answers to the questions your trustee and creditors are likely to pose.

Also, during the meeting, they may negotiate on your behalf should your trustee wish to start work on your repayment plan. Lastly, after the meeting, your lawyer may prepare you for another meeting your trustee requires you to attend if they wish to obtain additional information and answers.

Rest assured, our team at Schwartz Bankruptcy Law Center has experience in attending these meetings. So please do not be afraid to reach out to a talented Louisville, Kentucky consumer bankruptcy lawyer.