Tips for the first meeting of creditors

18 Mar Tips for the first meeting of creditors

Debtors alway sweat the 341 meeting, the first meeting of creditors required in every bankruptcy case. Despite its name, creditors seldom come to the first meeting, and there isn’t usually a second meeting. It’s really a meeting of the debtor and the trustee appointed in the case.

The 341 meeting is not a quiz or an inquisition. You won’t be asked any trick questions. Your lawyer is there for support and to make sure that the record created is truthful and accurate. So, here’s some advice:

  1. Tell the truth.
  2. Listen to the question.
  3. Let the trustee finish before you start speaking.
  4. Answer in as few words as possible.

That’s it. No matter how much you have worried yourself into a fret in advance of the meeting, you will laugh at yourself afterwards because it is no big deal if you have been thorough with preparation of the schedules.

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Cathy Moran, Esq.

I'm a certified specialist in bankruptcy law (California State Bar Board of Legal Specialization) practicing in the San Francisco Bay Area for more than 30 years. In addition to practicing bankruptcy law, I train new practitioners at Bankruptcy Mastery.
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