What happens at a 341 meeting?

When an individual files for bankruptcy in New Jersey, they will be required to attend a 341 meeting. This is also referred to as the meeting of the creditors. It is important for an individual who has filed for bankruptcy to speak with his or her bankruptcy attorney before the meeting of the creditors so they can know what to expect. Typically, the people who attend the 341 meeting are the debtor, the debtor’s bankruptcy attorney, a trustee, and some of the creditors or lenders.

It is important that debtors are prepared to explain why they haven’t been able to pay their debts. Other questions that may arise include whether the debtor has previously filed for bankruptcy, whether the debtor has a child support or spousal support obligation, what the debtor’s monthly financial obligations are, and questions regarding the accuracy of the information that has been provided at the meeting.

Then, the creditors and the representative of the bankruptcy court can come up with a plan about whether debts will be put on a payment plan or will be discharged.

If you are considering bankruptcy, it is important to discuss your situation with an experienced attorney as soon as possible.

Our firm understands that so much of your future is on the line in matters of divorce, family law, bankruptcy, and estate planning. Before taking any sort of legal action, it is important to discuss your legal matter with an experienced attorney. Contact The Radol Law Firm to discuss any divorce and family law matters you may be faced with.