What happens in a 341 meeting?

The 341 meeting, commonly referred to as the meeting of the creditors, is where you, your lawyer and bankruptcy trustee discuss your bankruptcy petition. The bankruptcy trustee resides over the meeting. Although you are required to attend the meeting (your case can be dismissed if you don‘t), your creditors are not required to attend. However, they can be there. Typically, the meeting of the creditors last a few minutes is and is held in an office.

During the meeting, the bankruptcy trustee reviews your bankruptcy petition to make sure that the documents are in order. Also the trustee asks you a few questions regarding your finances and financial history. For instance, the bankruptcy trustee may inquire why you’re filing bankruptcy or what you’re going to do to avoid it in the future. If your creditors choose to attend, they may also ask you questions. For example, if you file chapter 7, they may ask you about your finances to make sure you’re not eligible for a repayment plan under chapter 13.

If there are any problems such as missing documentation then the bankruptcy trustee can continue the meeting until another time. However, if everything is in order, then the trustee will make the recommendation for your bankruptcy petition to be confirmed or dismissed.

Before going to the meeting of the creditors, talk with your bankruptcy lawyer. Your lawyer will be able to prepare you for the meeting and possible questions that the trustee may ask.