Raritan, NJ asked in Bankruptcy for New Jersey

Q: 341(a) Meeting of Creditors

What is the main goal of the 341(a) meeting?

Will they decide at this meeting what assets can be sold, OR can a trustee file a motion to sell my nonexempt assets in advance of this meeting?

Also will a decision be made on how the proceeds from the asset sale will be distributed to the various creditors?

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3 Lawyer Answers
Michael David Siegel
Michael David Siegel
Answered
  • Bankruptcy Lawyer
  • New York, NY
  • Licensed in New Jersey

A: Every meeting depends on the trustee and the case. Your lawyer should have prepared you for this same as if you were testifying at a trial.

David Earl Phillips agrees with this answer

Stuart Nachbar
PREMIUM
Stuart Nachbar
Answered
  • Bankruptcy Lawyer
  • Livingston, NJ
  • Licensed in New Jersey

A: A 341 meeting is a question-and-answer session with the trustee. Trustee has 30 days from the date of the 341 meeting to file an objection to exemptions. A trustee will not file a motion for the sale of non-exempt or exempt assets until after the 341 meeting is done. Further comma the trustee will probably discuss with you what type of assets there are that are non-exempt and what their value is and what you base the value on it will not be discussing whether or not the distribution will be done or how they would first have to request that proofs of claim be filed. You should be speaking with your lawyer about this.

David Earl Phillips agrees with this answer

1 user found this answer helpful

Leonard R. Boyer
Leonard R. Boyer pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
Answered
  • Bankruptcy Lawyer
  • Clifton, NJ
  • Licensed in New Jersey

A: It sounds like you are representing yourself in this Bankruptcy. The 341(a) hearing is called the "Meeting of the Creditors" but in reality few if any creditors ever come to these meetings. It is primarily answering a series of the Trustee's questions about your petition and what caused your financial hardship. Chapter 7 Bankruptcy is not simply filling out forms. Trying to handle this matter yourself is not wise. You do not know the USBC, you do not know the local rules of Bankruptcy and if there was an adversary proceeding started against you, or an objection filed against your Bankruptcy, you would be like a deer in the headlights. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced bankruptcy attorney.

1 user found this answer helpful

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