Tips and Advice for the Meeting of Creditors

In every bankruptcy case, a debtor must attend the meeting of creditors. The meeting of creditors, also often referred to as the “341 meeting,” occurs about 30 days after the bankruptcy filing. The meeting of creditors is an opportunity for the bankruptcy trustee and the debtor’s creditors to ask questions.

What You Should Expect at the 341 Meeting?

The purpose of the creditors’ meeting is to gather facts about the debtor’s financial situation. Although the debtor will testify under oath, it is a meeting rather than a prosecutorial hearing. The trustee, and any creditors that appear, will ask the debtor about assets and liabilities listed in the bankruptcy paperwork. Oftentimes, creditors will not appear unless they believe the debtor has committed fraud or the creditor would like to object to the debtor’s Chapter 13 repayment plan. In most Chapter 7 cases, creditors will not attend. The meeting will last about 15 minutes.

Answer Questions Honestly

Because you will be under oath, it is important to answer questions honestly. It you are unsure of the answer, it is best to say so, rather than making up an answer. Dishonesty can result in the dismissal of a debtor’s case or even criminal prosecution. In addition, if a debtor’s answers indicate that the debtor engaged in fraud against a creditor, the creditor may request an adversarial proceeding to learn more about the possible fraud.

Common Questions

The trustee will ask at least a few questions. The trustee has a list and required questions and suggested questions that they will use to guide the proceeding. The most common questions include the following:

What is your name?
What is your address?
Did you sign the bankruptcy petition?
Did you list of all of your assets and debts?
Do you need to make any corrections?
Have you transferred property to anyone in the past year?
In the last six months, have you made payments to anyone in excess of $600?

What to Bring

The trustee will typically notify the debtor of what to bring to the meeting. However, some courts also list the required documents in the rules. Most bankruptcy courts require the debtor to bring a Social Security card, a photo ID, a paystub, bank statements, deeds, recent tax returns, and proof of actual expenses.

When to Get Legal Help

If you feel intimidated by the 341 meeting, contact an experienced bankruptcy attorney. An attorney can advise you and appear with you at the meeting. If you have filed for bankruptcy and want to learn more about the meeting of creditors, contact a local attorney.

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