341 Meeting of Creditors

Chapter 13 Bankruptcy

341 Meeting of Creditors

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There are many options for bankruptcy. However, they all have one thing in common: The 341 meeting with creditors. This meeting requires debtors to answer financial and debtor questions in section 341 of the U.S. bankruptcy code. Although they may not always be there, creditors are informed about this meeting so that they can ask questions about their bankruptcy filings. It is crucial to be prepared for your 341 meeting with creditors. This can make or break your bankruptcy process. Working with the Massachusetts bankruptcy lawyers at Coleman & Macdonald Law Office is a great way to prepare for your meeting.

To prepare for your 341 meeting with creditors, call our team at (781) 558-5172. Our Massachusetts bankruptcy lawyers can help you file the correct bankruptcy and manage your session correctly.

What to Expect at a Massachusetts 341 Meeting of Creditors

This meeting is held 40 days after bankruptcy filings are filed. The conference is notified to all creditors with which a person has a debt. However, they are not required to attend. A debtor must attend their hearing to answer any questions the trustee has assigned to them and any creditors who have decided to attend.

The 341 meetings will ask questions about a person’s income and assets. These questions help trustees understand the person’s situation and determine if their bankruptcy plan will work.

Questions will be addressed at the 341 meetings.

  1. Rent or real estate costs of a person
  2. Personal property
  3. Returns on taxes
  4. Bank and investment accounts
  5. Employment
  6. Income
  7. Expenses
  8. More

These questions will allow the court to understand why the person is filing bankruptcy. The trustee may also ask about secured debts (debts that are not exempt from bankruptcy) and how they plan to pay them.

Why is it wise to work with a lawyer during bankruptcy?

A 341 meeting is one way to see the benefits of working alongside a bankruptcy attorney. Although nothing can guarantee the outcome of your bankruptcy hearings, having a lawyer will give you the support and guidance that comes with the job. Your lawyer will help you prepare for your 341 hearing. They’ll assist you in gathering all the information you need, answer any questions you might have, and address any unique issues. A lawyer can help you ensure an accurate information, as the meeting will require that you take an oath. Coleman & Macdonald Law Office prepares for your 341 Meeting of Creditors.

Coleman & Macdonald Law Office is a team of lawyers dedicated to helping clients achieve the financial freedom they desire. Every case is given the same attention, and we meet weekly to discuss our work and get the perspectives of other lawyers. You will be connected to a legal team member when you call us. They are ready to discuss your case and help you decide whether we are the right firm for you.

Serving the following Cities:

  • Revere
  • Chelsea
  • Lynn
  • Saugus
  • Peabody
  • Springfield
  • East Longmeadow