521 documents and the 341 meeting for those declaring bankruptcy

On Behalf of | Feb 19, 2022 | Bankruptcy |

If you are going to declare Chapter 7 or Chapter 13 bankruptcy, you will soon attend the “341 meeting” for which your attorney will provide the “521 documents.”

What are these documents and what is this meeting about?

About the 341 meeting

Also called the “meeting of creditors,” the 341 meeting derives its name from Section 341 of the United States Code (USC). While they may attend this meeting and question you about your bankruptcy status, your creditors will probably not come. They do not lose their standing in your case if they choose to stay away. Instead, it is here that you will meet the trustee from the Office of the U.S. Trustee who will administer your bankruptcy case. The trustee will ask questions about your financial circumstances that you must answer truthfully under penalty of perjury.

About the 521 documents

You can find the requirements for the “521 documents” in Section 521 of the USC. Your attorney will provide these documents to the trustee on your behalf. You will only need to bring to the meeting a government-issued ID and proof of your Social Security number.

About your attendance

Held outside of court, the 341 meeting is usually of short duration. No judge will be present. It is important that you attend this meeting; if you should fail to appear, the trustee could ask the court to dismiss your bankruptcy case. Keep in mind that this meeting is an essential stepping stone on your path to a brighter financial future.