What Happens After the 341 Meeting of Creditors?
Once an individual has filed for bankruptcy, they will face the 341 Meeting of Creditors or "341 hearing." This meeting is hosted by the trustee assigned to their case and serves as an opportunity to answer questions about their financial situation. After a successful 341 meeting, what happens next?
The main purpose of the 341 meeting is for the trustee to verify that all forms have been filled out accurately and honestly. Once approved, debtors will receive a notification from the court confirming that their debts have been discharged. Depending on which chapter was filed, creditors may not be able to obtain payment from debtors once discharge papers are received.
Individuals who receive a discharge notice can begin rebuilding their credit score in order to qualify for loans and investments in the future.
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