Many new bankruptcy clients are unfamiliar with the purpose and procedure of a 341 Creditor's Meeting. A 341 meeting takes place with the bankruptcy trustee, and the purpose is to determine if the debtor has been accurate and complete in preparing their petition, as well as whether there are non-exempt assets that can be liquidated for the benefit of the creditor's. A "No Asset" finding is the holy grail for a debtor, and will result in a complete discharge of all debts in Chapter 7 bankruptcy.
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