Chapter 13 Bankruptcy Lawyer In Phoenix, AZ
Whether you’ve filed a Chapter 7, Chapter 13, or another form of a bankruptcy petition in Arizona, you will be required to attend a 341 meeting, or “meeting of the creditors” with your chapter 13 bankruptcy lawyer Phoenix, AZ clients recommend and the trustee assigned to your bankruptcy case. It is imperative that you appear at the meeting, or you risk having your bankruptcy petition dismissed. Your creditors also have the option of appearing at the meeting to ask questions, but their presence is not required, and it is generally unlikely they will attend. The meeting usually takes place approximately one month after your petition is filed and is generally brief in duration.
The purpose of the 341 meeting is to review the bankruptcy plan with the trustee assigned to your case, who will evaluate your petition to ensure you have appropriately and truthfully represented your financial situation in the bankruptcy petition. It is important to note that the trustee is not the judge over your bankruptcy proceeding; their role is to be a more objective party and to determine whether the bankruptcy proceeding is fair to all parties involved. The 341 meeting is not meant to be an adversarial proceeding.
The meeting gives the trustee the opportunity to ask you questions, under oath, about your income, property, and financial situation. The meeting is recorded. More specific questions the trustee may ask include:
- Has your bankruptcy lawyer Phoenix, AZ families trust reviewed your petition with you in its entirety before filing?
- Have you accurately listed all of your debts?
- Have you accurately listed all of your assets?
- How did you determine the value you assigned to your assets?
- Do you want to make any changes to your petition?
- Have you gifted anything valued at more than $1,000.00 in the last year?
- Have you sold any property in the past year?
- Have you run any businesses in the past six years?
- Are you expecting an inheritance?
- Are you expecting a lawsuit award or settlement?
- Are you expecting any funds from a life insurance policy?
- Are you expecting any funds from a lottery or sweepstake winning?
If your case involves unusual complexities, the types of questions and length of the meeting may vary.
All in all, the 341 meeting is usually a very short, simple proceeding that is more of a formality than anything else. Although most people may feel apprehensive about the meeting when first learning of the requirement, it is a straightforward experience as long as the petitioner is honest and candid about their financial situation and the information contained in the bankruptcy petition.
An experienced Phoenix, AZ chapter 13 bankruptcy lawyer from Kamper & Estrada, PLLC can help to further alleviate any concerns you may have about the bankruptcy process and prepare you for what to expect based on your individual situation. Contact us today to discuss your case and review your options in filing for bankruptcy.