Whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will be scheduled a 341 meeting (also known as meeting with the creditors). Although 341 meeting is part of the bankruptcy legal process, it is not attended by a judge, nor is it conducted inside a court. The 341 meeting is run by a trustee who has been assigned to your bankruptcy case. The 341 meeting is usually the only legal meeting that you will have to attend before the verdict of the bankruptcy discharge is given out. The purpose of this 341 meeting is for the trustee to confirm all the petition documents are complete and truthful.
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What Is Discussed At The 341 Meeting?
When you arrived at your 341 meeting, you will most likely be there with other people who are there for their 341 meeting also. The 341 meeting is usually short and sweet. If you have never been to a court proceeding before, you should arrive early at your 341 meeting. There is a high possibility that there will be other 341 meetings being conducted. Sit through other people's 341 meeting to familiarize yourself with the process. Since the 341 meeting is part of a legal procedure, you will be asked to be sworn in to tell the truth. The 341 meeting will be recorded with a tape or a court reporter.
The job of the trustee at the 341 meeting is to assemble all the necessary information and make sure that it is accurate. The trustee can ask you questions about the assets that you have listed in the petition, about any unusual assets that you have, or any business interests you might have. Since the 341 meeting is about finding all the facts, if the trustee requires added information on anything you have listed in the bankruptcy petition, please be prepared to submit it. With a completed and truthful bankruptcy petition that has satisified the trustee, the trustee in the 341 meeting will package the entire petition for the bankruptcy judge to make the final ruling.
Other than the usual fact finding questions, here are just some standard questions that the trustee might ask:
Is this your legal name and your social security number? Has your lawyer gone over the bankruptcy papers with you and do you understand every single line item Do you want to make any modifications to the schedules? Did you read all the schedules prior to signing them? Did you list all of your assets? Did you list all of your debts? Are the schedules accurately represented? Have you lived outside of this state for the past 2 years?
Are the creditors invited to the 341 meeting?
The creditors are informed of the date of the 341 meeting, but they usually do not attend. If the creditors want to challenge that your debt should survive the bankruptcy, they have up to 45 days of the 341 meeting to do so.
What does NOT happen at the 341 Meeting
341 meeting will not result in any decision being passed down from the trustee. You do not have to worry that something critical will be passed down as judgement from the bankruptcy court in the 341 meeting. Questions and events below will certainly not happen in the 341 meeting:
You do not have to justify why you are filing for bankruptcy No rights are awarded or lost Creditors do not have to be present to object to the discharge
What can you expect after the 341 meeting?
The moment you have completed your 341 meeting, you should complete the post bankruptcy credit counseling course. When you have completed the post bankruptcy credit counseling course, you will attach the credit counseling certification to the bankruptcy petition. Within 30-45 days after the 341 meeting, you should hopefully receive your bankruptcy discharge paperwork.
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