What is the 341 Meeting?

man sitting in front of a bankruptcy lawyer
Regardless if you file for Chapter 7 or Chapter 13 bankruptcy in Ohio, you will still be required to attend something called a 341 meeting. But what is it and what does it have to do with your bankruptcy filing? The Ohio bankruptcy attorney, Michael Ryan Jones, is here to explain.

Meeting of Creditors

Under Section 341 of the United States bankruptcy code, a meeting of creditors and equity security holders must occur, hence the 341 meeting of creditors. Simply, this meeting is where you will meet with your bankruptcy trustee prior to your court appearance. Typically, the meeting is only a few minutes as most often, your creditors will not attend, though it is still legally required. Prior to the 341 meeting of creditors, you will need to review your bankruptcy petition to ensure all information is accurate and accounted for. If there are errors, you must file an amendment prior to the meeting or disclose the changes which need to be made at the very start of your 341 meeting. Failure to disclose any incorrect information will not bode well for your bankruptcy petition.

What Do You Need For The 341 Meeting?

In addition to reviewing your bankruptcy petition, you will also need to bring the following documents to your 341 meeting.
  • Identification: Photo ID, Social Security card or a W-2 form or a pay stub if you do not have your Social Security card
  • All bankruptcy forms
  • Proof of income: Recent bank and investment account statements, any documentation required under the Means Test, and any information requested by the court or your trustee

What Is The Outcome of the 341 Meeting?

Though the meeting is brief, the outcome is important for your bankruptcy petition. Prior to the conclusion of the meeting, you must be aware of:
  • The potential outcomes of seeking a discharge in bankruptcy, including the effects on credit
  • The debtor’s ability to file a petition under a different chapter
  • The effect of receiving a discharge of debt
  • The effect of reaffirming a debt
Once you are aware of all of the possible and probable outcomes, you then will either receive the details of your Chapter 13 bankruptcy repayment plan or the terms of the Chapter 7 bankruptcy discharge of debts and liquidation of assets. If the trustee is unsatisfied with the terms of the agreement, you may have to show the errors of the trustee’s assessment or prove to a judge that you should pay what the court has agreed to. Needless to say, the 341 meeting, though short, can be complicated, which is why it is always best to have an Ohio bankruptcy attorney on your side.

Prepare for the 341 Meeting of Creditors with The Jones Law Firm

Going through bankruptcy alone is challenging. But you don’t have to. If you live in Columbus, Ohio, know that The Jones Law Firm can guide you through the 341 meeting. Bankruptcy attorney Michael Ryan Jones is here to guide you through the process. Contact The Jones Law Firm today for a free consultation to see if now is the time for you to file for bankruptcy.
Categories: General Bankruptcy