The Meeting of Creditors (What to Expect in Minnesota)

About 3 to 5 weeks after you have filed for bankruptcy you will be required to attend a meeting of creditors, which is also known as the 341 meeting.  For some bankruptcy cases, just the meeting of creditors will suffice, in others you may need to appear in court; even if you didn’t need to appear in court, you should take this meeting just as seriously. Another thing to keep in mind is that although the name of the meeting implies creditors will be there, it does not necessarily mean that ALL of your creditors will be there.  Most times you will see only one creditor at these meetings.  In addition to the few creditors that may be present, your lawyer and a bankruptcy trustee will show up as well.  A bankruptcy trustee is somebody appointed by the court to review your case and deal with your estate/assets, they will also be the ones to ask you a series of questions regarding your bankruptcy case during this meeting.

Before heading to your meeting, make sure you have the following items with you: proof of ID, social security number, most recent pay stub, and bank statements.  If you are missing one of these items you will have to reschedule your meeting (especially if you forget your ID or social security number).  If you forget your pay stub or bank statements but your attorney has back-up copies on hand, your meeting can continue as planned.

As mentioned above, the trustee present at your meeting will ask you a series of questions regarding your case.  The following are some areas the trustee may ask about: your assets, property ownership, your bankruptcy petition, whether or not others owe you money, history of payments to creditors, property transfers, domestic support, or previous bankruptcy filings.  These are just a few areas that the trustees might ask about, however, they are not all the areas they may question you on.  These questions may make it seem like this could be a long meeting, but it is quite short.  The meeting of creditors usually lasts around 5 minutes; it is short, brief and is meant to get to the point.

Written by Hoglund Law

The attorneys of Hoglund law are licensed in Minnesota, Wisconsin and Ohio. Hoglund, Chwialkowski & Mrozik, PLLC is based in Roseville, Minnesota. In addition to handling cases involving bankruptcy & social security, Hoglund, Chwialkowski & Mrozik, PLLC handles faulty drugs and toxic exposure.

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