341 MEETINGS

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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IF I AM MARRIED, DO I HAVE TO FILE A JOINT BANKRUPTCY PETITION?

The easy answer if no, you do not have to file a joint petition even if you are married, however, before filing, make sure you speak with an experienced bankruptcy attorney who can advise you on  the implications and consequences of joint versus separate filings.  Generally, if you are in a joint property state, if both spouses are liable for a majority of the debts, or if you are contemplating a divorce, it is probably wise to file jointly so both individuals will be discharged of that debt.  Conversely, if there is substantial debt in one party's name or  if one party would significantly affect the eligibility of filing, you may want to investigate filing individually.  One note, when a married individual files separately, both party's income is utilized for the purposes of the Chapter 7 Means Test.

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