341 Meeting Related Questions
The debtor is required to attend a meeting of creditors called the 341 hearing. This meeting of creditors is relatively informal, is presided by the bankruptcy trustee and usually conducted in a meeting room. The 341 or creditors meeting needs to take place 30 days or 3-6 weeks after filing of the bankruptcy. If you want to know more about what to expect at such a meeting, how to prepare or how to deal with various issues that may arise, verified legal Experts online can be of help.
Read below where Experts have answered a few questions related to the creditors’ 341 meeting.
Can bankruptcy be re-opened if a person missed attending the 341 meeting of the creditors?
A motion can be filed to re-open the bankruptcy filing and the court should be requested to reinstate the case based on the person’s oversight or non-receipt of the meeting notice. After this, it is based on the discretion of the court whether to grant the appeal or not. If the court denies the request or dismisses the case, it is possible to re-file the bankruptcy once again where the filing fee would need to be paid again.
Do the trustees need to be informed if a person is buying a new car prior to their 341 meeting?
If Chapter 7 is filed for, it is possible to apply for a car loan any time after it has been filed. This does not require the approval of the trustees or the completion of the 341 meeting. If the person has filed under Chapter 13, there is a need to obtain the approval of the trustees with the completion of the 341 meeting, prior to incurring additional debt.
Do taxes need to be filed before the creditors' 341 meeting?
There is no legal requirement to file taxes prior to the 341 creditors meeting. However, it is necessary for the taxes to be in order prior to the meeting and for the case to be approved. If this subject is brought up or raised, the reason as to why the taxes have not been filed can be explained to the court. If the taxes are done shortly after filing the bankruptcy, the amendments should be filed as necessary.
Is it possible to get an extension on the 341 creditors meeting since a company audit is scheduled on the same day?
If an attorney is present to handle the case, they should contact the trustees and request for a one-time adjournment or an extension. In most cases, adjournment is allowed and the attorney can appear on the client’s behalf and place the request on record. Since this is a first-time appearance, the trustee is likely to oblige and provide another date. It is rare for trustees to file a motion to dismiss a Chapter 7 bankruptcy, solely based on the request of extension or for a one-time adjournment.
In a 341 meeting, can a petitioner answer confidential health and medical questions of the trustees in private?
Normally, in 341 meetings, the trustee does not delve into specific medical issues or diagnosis of a person. If the trustee raises a question (medical information) in the 341 meeting which the petitioner feels is too private, the trustee can be requested for the specifics to be detailed in private. Usually, they do not force disclosure in public. It can even be conducted privately at another office if needed or in writing. It is also common for information to be provided later as well. Based on the information received, the trustee closes the case. If it is not closed at the 341 meeting, the trustee should communicate what information is required to close the case and that should be provided.
Bankruptcy related matters are important and sensitive in nature as the financial future of an individual relies on it. The creditors 341 meeting is an important aspect in this proceeding and questions regarding this requires the expertise and insights of an experienced lawyer or Expert in the legal area. If you are having issues or specific questions based on your situation, contact verified legal Experts online for answers, solutions and information in a quick, economic and efficient manner from the comfort of your home.