One of the parts of the process of filing for a Dallas Texas bankruptcy is something which is known as a 341 meeting. Named for the part of the US bankruptcy code which mandates that this meeting take place, this meeting is where the debtor’s identity will be verified and creditors will have an opportunity to find out more about the debtor’s assets as well as their level of debt.
Attending a 341 meeting is mandatory if you’re seeking the protection of Chapter 7 or Chapter 13 bankruptcy in the state of Texas (in fact, it’s mandatory to attend this meeting regardless of which state you reside in). If you fail to attend this meeting or to supply the trustee who conducts the meeting with the appropriate paperwork, you’ll be denied the opportunity to have your debt discharged through this bankruptcy proceeding.
It’s also important to remember that any statement you make during your 341 meeting will be under oath. Any false statements made during this meeting will not only bar you from receiving the protection that a Dallas Texas bankruptcy provides, but can also lead to penalties for perjury including fines and/or imprisonment.
Before your 341 meeting, you’ll have to provide your most recent tax return to the trustee. This document is necessary in order for your income to be verified (since your creditors will be allowed to ask questions about this at the meeting). Your ID will be verified as will the credit counseling certificate you will receive prior to beginning the bankruptcy process in earnest.
During this meeting with your creditors, they may ask about your income as well as what kind of assets you hold and what other debts you may currently be obligated to pay. If you have any kind of secured debt (such as a mortgage or auto loan), then these creditors may ask you how you plan to keep paying on these debts in order to retain the property which secures these debts. Depending on the type of Dallas Texas bankruptcy you’re filing and your individual circumstances, you may be required to have these assets liquidated by the trustee in order to partially pay your debts or you may be able to keep them through entering into a payment plan with your creditors.
The exact details of your bankruptcy will be determined later when a bankruptcy judge examines your case and decides how (or if) your debts will be discharged. In most cases, debtors can have most of or all of their debt discharged through a Dallas Texas bankruptcy proceeding, though there are types of debt which cannot be dealt with through the bankruptcy courts. Regardless of the type of bankruptcy protection you happen to be filing for, attending a 341 meeting is an absolute must and is a necessary step in seeking relief from your debts through the courts.
When you’re ready to get out from under the crushing debt load and begin a new debt-free life, contact Dallas bankruptcy lawyer Rustin Polk by clicking here. Tell our Appointments Coordinator, Kimberly, that you are a website reader and she will set you up with a free, no obligation appointment to learn how we can help you.
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You know, sometimes bankruptcy is the only decision. I’m glad there is a lot more resources online to educate people on this option.