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What is a 341 meeting?

What is a 341 meeting?

When an individual files for bankruptcy, they may be unsure of exactly what the process entails. One part of bankruptcy that anyone who files will have to go through is the Section 341 meeting, which is also referred to as a meeting of the creditors. Often, individuals who have filed for bankruptcy are nervous about this meeting but if they go into it prepared with all of the information they need, it can go smoothly. That being said, it is so important to meet with a bankruptcy attorney that can discuss the particulars surrounding each individual case.

The parties that will be present at the Section 341 meeting include the bankruptcy trustee, the individual who filed for bankruptcy, the debtor’s bankruptcy attorney, and some of the creditors or lenders that want to inquire about the bankruptcy. The individual who has filed for bankruptcy will have to be prepared to answer questions regarding why they are filing for bankruptcy, what circumstances made them unable to pay debts, what their monthly expense are, whether they have filed for bankruptcy in the past, and more. The debtor may also have to prove whether the documents they have provided the bankruptcy court are accurate.

If you are considering bankruptcy, contact our firm today.

Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation. 

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