Chapter 7 Bankruptcy: What Happens at the Meeting of Creditors in Newark and Trenton Vicenages in New Jersey?
After you have filled out your bankruptcy paperwork, provided all the necessary documentation, and we have filed your petition for relief, it’s time to get ready for the meeting of creditors, also known as a “341 Meeting” or the “Meeting of Creditors.” During this meeting, the trustee overseeing your bankruptcy case will ask a list of questions to determine your eligibility for bankruptcy and verifies that you have provided accurate information regarding your assets, debts, and income. In other words, the 341 Meeting is designed to make sure that your New Jersey bankruptcy case has been filed in “good faith.”
Before the Meeting of Creditors
About two to three days after your legal team at Lucid Law files your bankruptcy petition, you should receive a notice that your case has been filed and your 341 Meeting has been scheduled. The first 341 Meeting must be scheduled for between 20 and 40 days after the petition for relief is filed. Between filing and the Meeting of Creditors, Lucid Law will make sure your Newark or Trenton case trustee has all of the necessary documentation for your 341 Meeting, such as current bank statements, tax returns and market analysis of any real estate you own, among other things, to proceed on schedule. You also must bring your identification to the Meeting. A New Jersey driver’s license or passport (or other government-issued photo identification) and something that verifies your Social Security Number (“SSN”). Many New Jersey Chapter 7 and Chapter 13 case trustees in the Newark and Trenton vicenages will ONLY accept the actual SSN card or a statement from the Social Security Administration stating that you have applied for a new card and one is in the process of being issued to you.
Your New Jersey case trustee may ask you to bring other types of documentation as well and your legal team at Lucid Law will help you make sure all your documentation is ready.
Even though Lucid Law’s team of legal professionals will thoroughly review your bankruptcy petition with you to ensure accuracy before you sign it, you should do another thorough review of your bankruptcy petition before your Meeting of Creditors. If any of the information in your filing is out-of-date or inaccurate, you should contact your legal team at Lucid Law to review the information and determine if it is necessary to file an amendment before the 341 Meeting. We want to make sure your Newark or Trenton case trustee does not have any reason to think that you are hiding anything.
Seven to ten days before your 341 Meeting, Lucid Law will need to provide your case trustee with a copy of your most recent tax return and copies of pay stubs from the 60 days prior to your bankruptcy filing. So please make sure you get hits information to us as soon as possible.
Who is Present?
The 341 Meeting takes place in a meeting room, not a courtroom. You, your attorney representative from Lucid Law, and your Newark or Trenton Chapter 7 or Chapter 13 case trustee will all be present. Creditors named in your bankruptcy case may attend the meeting, but in most cases, they do not.
What the Trustee Asks
During the 341 meeting, the trustee asks a list of questions relating to your income, your debt, and any assets you have. They ask whether or not you have reviewed your bankruptcy petition and if the petition is accurate. Other questions may relate to any businesses you own, assets given or sold to friends or family members, any debts that are owed to you, and ongoing personal injury cases.
The Meeting of Creditors is generally very short and is typically over in less than 10 minutes. However, New Jersey Bankruptcy trustees schedule these meetings in 30-minute blocks so you should expect to be there for at least 30 minutes and often times an hour or more. After the meeting, creditors have a chance to object to the discharge. Within 60 to 90 days after the meeting, assuming that you meet all requirements and there are no objections, you should receive proof of a discharge.
Bankruptcy could be a fresh start for you if you have an unmanageable amount of debt, and the process is much easier with a dedicated and compassionate attorney. Learn more about your bankruptcy options and how debt relief can give you your much needed Fresh Start by calling the trusted and compassionate professionals at Lucid Law contact Lucid Law at (908) 350-7505.