About six weeks after you file a voluntary bankruptcy petition in Dallas, be it a Chapter 7 or Chapter 13, you will attend the meeting of creditors required by Section 341 of the Bankruptcy Code. Many people have the idea that the 341 is like the Munich Agreement, and the debtor nervously waits in the hall while the decisions are made by someone else.
Although your creditors will receive notice and the opportunity to attend, very few moneylenders actually bother to show up. Typically the only participants are you, your attorney, and the trustee. The meeting occurs in a conference room or some similar setting.
The Bankruptcy Trustee
In a Chapter 7 case, the only real purpose for the 341 is to ensure the compliance with all applicable rules and procedures, and to answer any questions that the trustee may have.
In a Chapter 13 case, the trustee is charged with reviewing the debt repayment plan that you and your attorney have prepared. The trustee can accept the plan, reject the plan, or ask that the plan be modified.
The 341 is a little like getting divorced: months of preparation for a very short and very informal ceremony. Call the law office of Henley and Henley today for your free consultation. They will guide you through the 341 and every other aspect of the bankruptcy process.
