Twenty-one to forty days after your bankruptcy petition is filed there will be the First Meeting of Creditors (often referred to as the 341 Meeting). Often, honest Debtors stress over the anticipation of this meeting when they do not have to.
The 341 Meeting is critical but the honest Debtor, who gives truthful, accurate and complete answers should have nothing to worry about. Of course, it is possible though unlikely that you may lose some property but that would be an economic result of the bankruptcy, not a sanction against the Debtor.
However, lying or deceiving the Trustee can result in harsh sanctions, including the loss of discharge and/or criminal charges.
The key to a successful 341 Meeting is preparation and total disclosure. That’s one of the areas our Firm excels in. We take the time to meet with you and get it right so there are no surprises at the 341 Meeting.