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Preparing for the Meeting of Creditors

The meeting of creditors, also known as the 341 meeting, is a mandatory step in your bankruptcy proceeding. Your lawyer will let you know what to expect during the meeting and how you should prepare for it. It's essential to get to the meeting of creditors on time. If you miss the scheduled date, the bankruptcy trustee will almost certainly dismiss your case and your bankruptcy lawyer will have to file it again.

Provide the necessary documentation

During the meeting of creditors, the bankruptcy trustee verifies the information you provided in the petition. You'll be required to submit certain documentation in advance. Since the specific documents a trustee may ask for can vary from case to case, it's a good idea to call your lawyer to find out if you've met these requirements. Generally, bankruptcy trustees need to review tax returns, paystubs, mortgage statements, property valuations, car loan statements, vehicle registrations, and retirement and bank account statements.

Review your bankruptcy paperwork

At the 341 meeting, you'll be placed under oath and you'll answer questions about your finances. Look over your bankruptcy petition and supporting documentation prior to the meeting to keep the information fresh in your memory. This also gives you a chance to detect any errors and omissions before the meeting. If you do find any mistakes, contact your lawyer immediately. He or she can file a corrective amendment. If it's too late to file an amendment, you'll need to inform the trustee of the mistake at the start of the meeting.

Know what to bring to the meeting

You should bring copies of all of the documentation you submitted, including a copy of the bankruptcy petition. This allows you to use your paperwork as a reference to answer questions accurately. Before you leave for the appointment, make sure you have your photo identification and Social Security card.

Here at Cutler & Associates, Ltd., our lawyers understand that bankruptcy proceedings can be intimidating. We work closely with each client to ensure he or she is thoroughly prepared for the meeting of creditors. If you live in the Aurora or Skokie area, call our bankruptcy law firm today at (847) 961-4572 to request our legal advocacy services.

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