Understanding the 341
Good morning, everybody. Oklahoma City bankruptcy lawyer Edward Kelly here with another 3 Minutes to Financial Freedom. We’re continuing our series Chapter 7, Start to Finish. So far, we made sure, number 1, that your property is protected and exempt, meaning you won’t lose it. Number 2, is that your debts are dischargeable, meaning we can get rid of them. And then, number 3, we collected all your documents, took that information, prepared all your schedules, and filed everything with the court.
So what’s next? Well, a bankruptcy takes 90 days, start to finish, a Chapter 7 bankruptcy, is almost like clockwork. And once it’s filed, the next thing that happens is 30 days in, again, almost like clockwork, you’re going to have what’s called the 341 creditor meeting.
What Is the 341 Creditor Meeting?
341 refers to a code section in the Federal Bankruptcy Code, you know, the big book with all the bankruptcy laws. And it’s an opportunity for your creditors to show up if they want to ask you any questions. They usually don’t if everything’s simple, but if you’re up to something, or sometimes a car company just wants to make sure you have insurance, they can show up at this little meeting. Everything’s by telephone ever since COVID still is in every district in Oklahoma, so you don’t have to be there in person, just do it by telephone. And it’s also an opportunity for your trustee, you’ll be assigned a panel trustee, it’s an attorney like myself, who has a gig as this trustee, it’s not a judge. They’ll have an opportunity to verify you are who you say you are, that you provided this information and that everything’s true and hasn’t changed. And if they smell a rat, so to speak, or think there are any assets hidden, that’s their opportunity to question you on the record about it.
So that usually takes five minutes, just a bunch of people on the phone on a docket. That happens 30 days in, and that’s the majority of the work of the case. I forgot to mention in the earlier blog, that you take a little online course, half an hour to an hour before you file, and you take one after. And then the only thing left is what we’re going to talk about in the next blog, which is reaffirmations, if applicable, in the closing of the case.
Get a Free Consultation Today!
As always, you can reach me, a chapter 7 attorney in Oklahoma, at oklahomacitybankruptcyattorney.pro for a free consultation. Take the first step towards financial freedom and let’s discuss your options!