Pursuant to 11 U.S.C. §341, all individuals who file for bankruptcy protection must attend a meeting of creditors. This meeting is often referred to as the “341 meeting.” For many of our clients, it can be one of the most stressful aspects of the bankruptcy process. However, once it is over, most of them say “it really wasn’t that bad!”
If you are picturing a judge in a black robe condemning you for filing bankruptcy, the 341 meeting is quite the opposite. In fact, it is simply an informal hearing where the trustee and creditors (if any appear) can ask you questions regarding your finances. In the majority of the cases, no creditors appear to ask questions because they know how bankruptcy works and what to expect in your filing.
Who is the most likely to appear? It is often an ex-spouse or a friend of our client that shows up. These are individuals who are not familiar with how bankruptcy works and they do not know what their rights are or how your filing will impact them. Additionally, for the individuals closest to you, your filing can often be taken personally rather than as a matter of business. Thus, if you are aware of an ex-spouse or friend who may have hurt feelings and is likely to appear at your meeting of creditors, it is important to alert your bankruptcy attorney ahead of time. We can try to take steps to prevent a blow-up in front of the trustee.
Again, the majority of 341 meetings are uneventful. The trustee will ask you a few standard questions – which we will have prepared you for in advance. If an issue arises, having a seasoned lawyer by your side can be quite beneficial. Thus, if you are considering filing a Chapter 7 or Chapter 13 case, contact our office to learn more about how we can assist you.
If you are considering filing for bankruptcy protection, let us help. We understand how important your bankruptcy case is to you, and we will handle it with the discretion and dedication that have become our calling cards. Contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC today by calling 414-377-0518. Like us on Facebook.