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What is a bankruptcy 341 meeting?

On Behalf of | Oct 28, 2019 | Uncategorized | 0 comments

You are currently in the process of filing for bankruptcy in Louisville, and with all the paperwork and people involved, your head is spinning. Worry, stress and nerves have taken their toll. 

You filed the petition, all the schedules and the other documents the court requested. Next, the Bankruptcy Court of the Western District of Kentucky will assign a trustee who is in charge of the creditor meeting you must attend. What is a 341 meeting? What should you expect? 

The 341 meeting 

The 341 meeting is the next step in the bankruptcy process. This meeting involves the trustee and, in some cases, the creditors in your case. The appointed trustee oversees the meeting, which takes place four to six weeks after the filing of your petition. The job of the trustee and creditors is to ask questions about your petition to confirm its accuracy. 

The trustee’s questions 

The trustee wants to know about your decision to file for bankruptcy and to verify you provided accurate information on your documents. There are several questions a trustee may ask: 

  • What is your name and address? 
  • Did you review and sign all the bankruptcy documents you filed? 
  • Are you familiar with the information, and is it correct? 
  • Are there errors or omissions? 
  • Did you list all your creditors? 
  • Have you filed bankruptcy before? 

After answering the trustee’s questions, he or she will give the creditors a chance to ask you questions. 

The creditor’s questions 

The creditors may ask the following questions: 

  • Do you have claims against any businesses? 
  • Have you sold any property in the last two years? 
  • Are you the beneficiary of any life insurance policies? 
  • Does anyone owe you money? 
  • Do you have property in another state? 

Although creditors may not show for the 341 meeting, you should prepare yourself to answer their questions. Before the meeting, review your paperwork to check for missing information. The Western District of Kentucky has a Section 341 meeting room on the fifth floor of the courthouse.