If you file for bankruptcy in Texas, you will be required to attend a 341 meeting. Although this is standard procedure, the majority of debtors aren’t aware of what this meeting is or why they need to attend. Keep reading to find out how to navigate a 341 meeting and how a Texas bankruptcy lawyer can assist you.

341 Meetings Defined

A 341 meeting is named such because of the location of the law that triggers it – U.S. Bankruptcy Code Section 341. This law states that bankruptcy petitioners must meet with the bankruptcy trustee overseeing their case and any creditors who are interested in determining if you have nonexempt assets that could be liquidated.

Although many debtors are quite nervous about their 341 meeting, it generally only lasts about 10 to 15 minutes, and many creditors don’t even send a representative to meet with debtors. In some cases, debtors only meet with the bankruptcy trustee.

What Happens At a 341 Meeting?

At a 341 meeting, you will be asked a multitude of questions about your income, exempt assets, and nonexempt assets. You will provide copies of documents supporting your bankruptcy petition and may be asked a number of questions about your finances by the trustee and any creditors who are in attendance. Some of these questions may include:

• How much money you make and what kind of job you have
• If anyone in your family plans to give you an inheritance
• If you have bank accounts or investments in your name and if so, how much money is in each
• If you own any property, such as residential real estate and/or an automobile
• If you are a business owner and if so, what your annual expected revenue is
• If you have recently made any large financial gifts to any family members or charities
• If you ever had the intention to meet your debt obligations
• If you misrepresented your financial situation to obtain credit
• If and how your income has changed since you originally obtained the credit

Filing for Bankruptcy? You Need a Lawyer Now

If you are filing for bankruptcy, you need the help of an experienced attorney who can help you prepare for 341 meetings and other hearings related to your case. Call Sims Bankruptcy Law, PLLC now by dialing 469-751-7467 (Dallas-Fort Worth) or 254-304-7161 (Central Texas).