|
If you are a resident of the El Paso, Texas area and are considering personal bankruptcy, we recommend you contact a bankruptcy expert and have him/her analyze your case, explain your options - including both El Paso bankruptcy and bankruptcy alternatives, and help you make the right choice. The article below has been made available to us by our bankruptcy attorney in El Paso. |
What happens during El Paso bankruptcy, at the 341 Meeting?
If you file for El Paso bankruptcy under Chapter 7, or Chapter 13, you are required to attend a meeting of creditors, also known as a “341 Meeting” (named for the section of the Bankruptcy Code that requires the meeting).
What the 341 Meeting is NOT:
The 341 meeting is not a test or an inquisition. It is not an opportunity for your creditors to yell at you, or to question you on why you decided to file for El Paso bankruptcy.
During the meeting, neither bankruptcy attorney nor creditors can take any action that decides any question central to the case.
The 341 Meeting is not a formal court hearing; the bankruptcy judge will not be present.
What the 341 Meeting IS:
The 341 Meeting is strictly a fact-finding meeting.
In those El Paso bankruptcy cases where there are assets with a value in excess of the available exemptions, the bankruptcy attorney will use the 341 Meeting to gather information to determine what assets should be sold to pay creditors. The trustee may ask for documents concerning your assets or your financial history.
In most El Paso bankruptcy cases the 341 meeting is short, and stress free for all parties. Most creditors will not attend the meeting, except perhaps for secured creditors wanting information on assets.
Who Schedules the 341 Meeting?
The court schedules a meeting of creditors in each bankruptcy case, generally about 30 days after the filing for El Paso bankruptcy. The attorney assigned to your case chairs the meeting and asks questions about the financial information disclosed in your bankruptcy schedules. As a bankrupt, you must appear at the meeting and answer questions under oath about your assets and liabilities.
To get more information about 341 Meeting as well as other answers to El Paso bankruptcy questions, contact our bankruptcy attorney in El Paso today.
 |