After declaring personal bankruptcy, you must attend a meeting of creditors. Often called the 341 meeting because of its corresponding section of the bankruptcy code, this proceeding is required to discharge applicable debts. If you're preparing for yours, learn more about what to expect below.

How to Prepare

A seasoned attorney can help you prepare for the meeting of creditors by reviewing your personal bankruptcy petition carefully. Should there be any inaccuracies, you'll have to either file an amendment before the proceeding or bring the error to the trustee's attention at the meeting.

Your lawyer will also discuss the questions you should be prepared to answer during the hearing. They'll mostly regard your financial situation, as the primary purpose of the proceeding is to determine the validity of your petition.

What to Bring

Roughly two weeks before the meeting, your attorney will ask for several documents to provide the trustee in advance. Examples include proof of income, bank statements, and loan records. At the hearing, you'll need to present a government-issued photo ID, your Social Security card (or some other proof of your Social Security number), and any updated documentation reflecting changes in your finances since you filed the original petition.

Where to Meet

While the meeting won't take place in a courtroom, it'll most likely be at a courthouse. Regardless of where it is, plan to arrive early because parking may be an issue. Generally speaking, 341 meetings for personal bankruptcies are relatively straightforward and shouldn't take more than 15 minutes or so, as long as you're well prepared and you arrive on time.

If you’re considering personal bankruptcy, turn to Brian R. Cahn & Associates, LLC to see if you're eligible for chapter 7 or chapter 13. For more than 25 years, Brian Cahn has been counseling clients throughout Northwest Georgia. A frequent lecturer at bankruptcy seminars, he’s well-versed in the field. To request a consultation, reach out on his website or call (770) 382-8900.