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If you are thinking about filing for Chapter 7 bankruptcy in Raleigh, NC, the 341 meeting is an important part of the process. It’s also known as the Meeting of Creditors, aka the people you owe money to. We know — it sounds incredibly intimidating!
However, you don’t need to worry with a Weik Law bankruptcy attorney by your side. Way before you attend the 341 meetings, we will make sure you’re prepared and confident about the entire process. And of course, we will be there to protect your best interests every step of the way.
In the meantime, we’d like to give you a quick look at what the 341 meeting is, and what role it plays in your debt-free journey.
What is the 341 Meeting?
During a 341 meeting, you are required to discuss your finances with a bankruptcy trustee and the people you owe money to. The people you owe money to (aka your creditors) will be there too, and they have the opportunity to ask about specific debts and assets that could potentially help them get back some or all of what they’re owed. In a 341 meeting, the trustee will also check to see if any assets need to be liquidated in order to pay your creditors.
- You will be given a date and time for your 341 meeting, which is usually a few weeks after you file for bankruptcy. Before that, Weik Law’s bankruptcy lawyers in Raleigh NC will go over what you need to bring, where to go, etc. in advance of this meeting so that there are no surprises on your end when it comes down to it. Rest assured, you won’t be coming to the meeting alone. Your Weik bankruptcy attorney will be coming with you to make sure everything goes smoothly.
- When you arrive, your Weik Law bankruptcy attorney will take you to a private room where you, the trustee, and your creditors will gather.
- There are no set questions that must be answered, but bankruptcy trustees typically use this time to ask about your income, expenses, verifies the information in your bankruptcy filing documents, and other relevant information about your bankruptcy filing.
- All of the information that you share during the 341 meeting stays strictly confidential between yourself, your Weik Law bankruptcy attorney, and creditors, so don’t worry about this.
What will happen after the 341 meeting?
After a successful 341 meeting, the trustee will decide if you are eligible to receive Chapter 7 bankruptcy debt relief. If your petition is approved, the trustee will also provide a discharge date for your debts – which is when all of these obligations have been satisfied and discharged.
Should I be scared of the 341 meeting?
A 341 meeting for Chapter 7 bankruptcy filers is not scary at all. It’s a simple, straightforward conversation to help your creditors understand what you’re trying to do and how they can work with this process so that everyone gets the most out of it. In addition, it’s a time to answer any questions that they may have and make sure everything is on the up-and-up.
The thought of being in a room with people you owe money to is an intimidating one. But trust us when we say there’s nothing to be afraid of— it’s just a routine part of the bankruptcy process.
Start Your Journey to a Debt-Free Life Today
The prospect of filing for bankruptcy and attending a 341 meeting is stressful for most people, and even more so if you are not represented by caring and compassionate bankruptcy lawyers in Raleigh.
Here at Weik Law Office, Attorney Weik will make sure that your legal questions are answered and any worries or fears about debt relief are put to rest.
Call Weik Law Office today at 919-845-7721 for a free consultation, and set up a time to speak with one of our friendly professionals.