The bankruptcy meeting doesn't take long – 341 meetings are held at the US Trustee's office and are slotted for assigned dockets. However, the dockets usually comprise of 341 meetings for anywhere from 5-15 debtors, all of whom the appointed trustee must examine under oath within the allotted docket. Because of the high volume of Dallas bankruptcy cases (as well as the surrounding areas, such as Allen bankruptcy, McKinney bankruptcy, etc.), each debtor's 341 meeting usually only takes a few minutes.
The bankruptcy questions are easy – At most chapter 7 bankruptcy and chapter 13 bankruptcy 341 meetings, the questions are straightforward. Although the debtor is sworn in under oath and is required to answer the questions truthfully, the questions are usually about the debtor's property, cars, house, income, etc. that are all topics the debtor can easily answer. In more complex cases, such as business bankruptcy or a small business chapter 11 bankruptcy – insert link, a trustee may need to ask more in-depth questions in an attempt to clarify more complicated issues for that particular case. Experienced bankruptcy lawyers will be able to prep you on the questions you are likely to encounter.
Creditors usually don't show up – Even though the meeting is often referred to as the "Creditor's" meeting, creditors rarely attend. Technically, it is an opportunity for the creditor to ask the debtor questions under oath, but for the most common creditors (mortgage lenders, credit card companies, car lenders, etc.), properly completed bankruptcy schedules and statements typically speak volumes, especially if completed by an experienced bankruptcy attorney.
The meeting is the turning point of your case – Whether you are in chapter 7 bankruptcy or chapter 13 bankruptcy, the 341 meeting is typically a pivotal point in your case. In chapter 7 bankruptcy, it may be the last time you see your attorney and it triggers the 60-day waiting period before the debtor is eligible for a discharge. In chapter 13 bankruptcy, the meeting gives your bankruptcy attorney an opportunity to straighten out any issues that the bankruptcy trustee may have with your schedules or proposed repayment plan. Again, this may be the last time you see your attorney, especially if you and your Dallas bankruptcy attorney have put forward a confirmable plan that meets the requirements of the Bankruptcy Code.
The information provided in this article is intended to provide an overview of this topic. Each case is different, especially for Dallas area bankruptcies in which different jurisdictions are involved. Whether your Plano bankruptcy is filed in the Eastern District of Texas or your Frisco bankruptcy is filed in the Northern District, there may be jurisdictional particularities that your bankruptcy lawyer should be knowledgeable to advise you about.