One of the difficult parts of navigating a bankruptcy filing is learning all of the various legal and financial terms used by your lawyer and the court. If you end up filing bankruptcy, you'll experience something known as the 341 meeting.
If you're wondering where the name comes from, it comes from the section of the bankruptcy code that deals with the subject. (That's the same reason that the various types of bankruptcies are known as Chapter 7, chapter 13, and so on.)
At this meeting, you and your attorney will discuss your case with the trustee. This person (also known as the case trustee or panel trustee) is responsible for selling any nonexempt assets and distributing the funds to your creditors during a Chapter 7 bankruptcy proceeding.
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The good news is that in the vast majority of cases, you will not have to liquidate your assets during Chapter 7. This is either because you don't have any assets worth mentioning (hooray!) or because your assets are exempt.
You will have to answer some questions, with your lawyer's assistance, regarding your assets. Again, in a Chapter 7 filing, the trustee is mainly concerned with trying to liquidate any assets that can help pay off your debts. You should be aware that this can include funds that you receive within six months of filing bankruptcy like life insurance, or inheritances. You may also have to give up some tax refunds from the current year or past years, but the creditors can't take any future tax refunds.
You may be surprised to learn that in most cases your creditors will not show up at the meeting. There are some exceptions, so you may see some of your beloved creditors join in the interrogation process, but chances are they're too busy harassing other clients.
Okay, the last comment was a bit harsh, I know. In most cases people who end up filing bankruptcy do so as a result of poor financial management (though sometimes there is some poor luck involved such as with unexpected medical emergencies). Nevertheless, the United States federal bankruptcy laws allow you a fresh start in many cases.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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