Some of our Wynn at Law, LLC bankruptcy filing clients have such tremendous anxiety over the Section 341 meeting of creditors. They’ll imagine intimidation like in the photo. For some, it’s the hang up that keeps them from filing. For others, it’s the cause of more than a few sleepless nights. I put a lot of value in the statement that 90 percent of what you worry about never comes true. The creditor meeting falls into that category.
This meeting isn’t a hearing. It’s not even in a courtroom. You’re under oath of course. However, there isn’t a judge. Here’s the two-step for taking the terror out of the topic:
First, it’s required. There isn’t a way out of it, so you go through it in order to clear the path for your financial future.
Second, most of your creditors won’t show up at all! They’re all invited by law. In reality, they know you’re represented by competent counsel and it’s usually financially unrealistic for the creditor to spend the time and staff hours to come to your hearing. The ones who do show up may just want to know about recent cash advances or revolving credit charges to find out if you were on a spree you had no intention of paying back. Or the lender on secured property (a car or house) might show to find out if you’re reaffirming the loan or giving back the property. We’ll have already talked this through in our office. No worries.
In a previous post, I mentioned the value of honesty. If you’ve accidentally missed something, Wynn at Law, LLC can amend the filing before the meeting. Your creditors won’t think your hiding something if you aren’t hiding anything. Again, no worries. If they do show, and they do ask questions, commonly they’ll want to know things we’ve already covered in advance. For example, if you’re getting an income tax refund or if anyone owes you money or holds property that belongs to you or if you’ve recently transferred property. None of this is an ambush because you’ve already covered it with Wynn at Law, LLC.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo: SIPhotography, used with permission.