3 Tasks You Need To Complete After The 341 Meeting

Once you get past the 341 meeting in your Chapter 7 bankruptcy case, you can breathe a little easier. However, there are still some tasks that you need to complete before your bankruptcy is finalized by the court. 

341 Meeting

The 341 meeting, or creditors' meeting, is a mandatory meeting in which your creditors can make challenges to the discharge of particular debts. Your creditors will have a chance to submit evidence that explains why the debt should stand and you be required to pay it. Creditors usually do not show up for the meeting because it usually is not worth the energy and expense.

During the meeting, you will also be asked questions by the bankruptcy trustee. The trustee will review each debt you cite, your assets, earnings, and anything else that you supplied on your bankruptcy filing. The trustee's job is to ensure that the information you entered is accurate. 

Once the meeting is concluded, you will need to complete some other work before the judge can approve your bankruptcy filing.

Nonexempt Property

You will need to turn over to the bankruptcy trustee any property that was not covered by your exemptions. Exemptions allow you to retain ownership of some of your assets as long as the cumulative value of the items is less than the state's exemption amount. The amount varies by state and your bankruptcy attorney can explain how much yours is. 

The trustee will provide you with instructions for turning over the assets. Once you have, the valuables will be sold and used to pay off some of your debts. 

Reaffirmed Debts

If you have any reaffirmed debts, you will need to start making payments on them. A reaffirmed debt is one that you have reached a new agreement with the creditor regarding. For instance, if you and your mortgage lender agreed you could keep your home as long as you paid off the principal amount owed, you need to start making payments. 

Nondischargeable Debts

Any debts that you have which cannot be discharged through bankruptcy need to be handled. Nondischargeable debts are protected by law. Examples of this type of debt include alimony, child support, school loans, and certain types of taxes. 

Talk to your bankruptcy attorney and the bankruptcy trustee to find out if you have other requirements you need to meet before your filing is complete. Remember, the sooner you take care of those, the closer you move towards having your filing completed.