Bankruptcy Law Regarding the 341 Meeting of Creditors
The 341 meeting of creditors is a chance for the trustee handling your bankruptcy case to meet you and ask you questions. While your creditors are invited, it’s rare for any to come. And although the 341 meeting of creditors is an important step in your Arizona bankruptcy filing, it generally takes only about 10 minutes.
What is a trustee and what’s their role?
A trustee is an individual who reviews all paperwork related to your filing and ensures that it is accurate. The trustee is appointed to reduce the likelihood of fraud related to Arizona bankruptcy cases.
Reviewing your assets and ensuring you haven’t excluded anything from the list is one way that the trustee ensures there is no fraud related to your cause.
Additionally, if you’re filing for chapter 7 bankruptcy, the trustee is in charge of selling any eligible assets to distribute funds to your creditors. In chapter 13 bankruptcy, the trustee reviews your proposed repayment plan. Once the judge approves your chapter 13 bankruptcy repayment, the trustee is charged with distributing the funds to your creditors each month.
Your role in the 341 meeting of creditors
Because the trustee is looking at your bankruptcy filing with a close eye to avoid fraud, you should come to the meeting prepared. Take time to review your petition and ensure that you haven’t missed anything or excluded any assets. Hiding money from the courts during a bankruptcy filing can be very detrimental to your case and could result in the courts denying your request.
If you do find an error within the filing, work with your Arizona bankruptcy attorney to submit an amendment as soon as possible. When you can’t submit an amendment before the meeting, be prepared to discuss the issue or omission during your meeting with the trustee.
It might sound silly, but one thing that people tend to overlook in their bankruptcy filings is making sure that their name matches their photo identification exactly. You’ll be required to show a photo ID to the trustee as part of the meeting, so it’s crucial that your bankruptcy filing has your name accurately reflected.
Important documentation for your Arizona bankruptcy filing
Before the meeting, the trustee will likely request documentation, such as pay stubs, retirement account information, recent tax returns, bank statements, etc. Be sure that you respond to any requests for information that you receive in relation to your Arizona bankruptcy filing.
In preparation for your 341 meeting of creditors, be sure to bring your photo ID. You’ll also need your Social Security card or proof of your Social Security number in some form. If you’ve had any changes to your financial situation since originally filing for bankruptcy, you should also bring those with you to file a petition to change your income status.
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What to expect during an Arizona bankruptcy 341 meeting
Your meeting will take place at a local courthouse or court facility. Make sure that you allow yourself plenty of time to park and get oriented within the building before your scheduled meeting time. You do not want to be late. You’ll need to find the room for your meeting as well.
More than likely, the trustee sets up approximately ten 341 hearings during an hour. There will be a sign posted on the door for your meeting room that will show the order of the cases. Take a moment to review the order so you’re prepared for your turn.
Judges do not attend the 341 meetings, but the trustee will swear you in and everything you say during the meeting is under oath.
Once you’re sworn in, the trustee will ask you a list of questions, such as if you’ve filed bankruptcy before, whether you’ve paid taxes on time, if you owe more than $600 to your creditors, etc.
Your Arizona bankruptcy attorney can walk you through any questions you have in advance of your 341 meeting and prepare you with the full list of questions the trustee will ask.