Honolulu 341 Meetings
Hawaii Bankruptcy Attorneys Guide Debtors Through 341 Meetings
Honolulu Bankruptcy Firm Will Prepare You for the Meeting of Creditors
When someone files for bankruptcy, a bankruptcy trustee administers the case. The trustee's main job is to sell nonexempt property to repay the debtor's general unsecured creditors. He will also review the bankruptcy paperwork for accuracy, conduct an investigation into the petitioner's finances, and conduct what is called a 341 meeting, also known as a meeting of creditors.
What is a 341 Meeting?
A 341 meeting, named after section 341 of the Federal Bankruptcy Code, is also called a meeting of creditors because creditors are allowed to appear and ask questions, although most do not. In Hawaii, the debtor's county of residence determines the location of the 341 meeting.
In a chapter 7 case, the 341 meeting will be set for at least 20 days after the bankruptcy petition is filed, but no more than 40 days. In a chapter 13 case the 341 meeting must be set between 20 and 50 days after the petition is filed.
What to Bring to a 341 Meeting
In Hawaii, a bankruptcy petitioner is required to bring photo identification and proof of Social Security number to the meeting of creditors, and can be asked to produce several other items:
- Evidence of current income
- Most recent bank and investment account statements
- Documentation of monthly expenses claimed in the bankruptcy paperwork
- Documentation of the value of any real or personal property
If items requested by the trustee are not submitted before or during the 341 meeting, the trustee will either move the meeting to a later date or require the petitioner to submit them by a certain date to avoid rescheduling the meeting. A knowledgeable bankruptcy attorney can often anticipate the questions the trustee will have and the documentation the trustee will want to see, and can provide relevant documents ahead of time to avoid postponement or continuation of the 341 meeting.
What Happens at a 341 Meeting?
When the chapter 7 trustee calls the case, an attorney represents the petitioner while the trustee and any creditors present question him. The trustee acts on behalf of the unsecured creditors to determine if the debtor has any nonexempt property that can be sold, or if they have made any payments to creditors or transferred any money or property before the bankruptcy filing that can be retrieved. The 341 meeting is the trustee's opportunity to ask the petitioner questions about the information provided in their bankruptcy paperwork.
If you have questions about filing for bankruptcy and the mandatory 341 meeting, the attorneys at The Law Office of Jean Christensen LLLC in Honolulu can help guide you through the process. Contact us online or call 808-521-1202 to set up a free initial consultation to discuss your financial situation with a knowledgeable Honolulu bankruptcy attorney today.