THE 341 MEETING OF CREDITORS

After the bankruptcy petition is filed to start your bankruptc case a bankruptcy trustee is appointed to administer your case. You would be required to appear before the trustee at a meeting that your creditors would also have notice of. This meeting is called the 341 meeting of creditors. The meeting is usually scheduled about 20 to 40 days after you file for bankruptcy. 

What Happens at The 341 Meeting

At the 341 meeting you will be required to take an oath to tell the truth about yoru income, assets, and debts. while you are under oath the trustee will ask you questions about all of your property and your financial situation. Creditors may also attend the meeting and ask you questions. The meeting usually last about 10 to minutes from the time you take the oath.

Typical Questions Asked

You may generally be asked the following questions:

1. To confirm your signature on the bankruptcy petition

2. Whether you reviewed the information on the petition before signing it

3. Whether the information contained in the petition is true

4. Whether you review the schedules filed with your petition and whether the information contained in yoru bankruptcy schedules is accurate.

5. The value of property on your petition and how you arrived at that value

6. Whether you transferred any property to anyone

7. Inconsistencies in your bankruptcy schedules and documents you provide

8. Whether anyone owes you money or you have a claim against anyone for money or for which you may file a law suit

9. What is the highest amount of money you had in the bank shortly before filing for bankruptcy

10.  Whether any bank accounts in your name were closed

11. How you came to owe the amount of money stated in your schedules

The question at a 341 meeting varies based on the type of bankruptcy filing. In a Chapter 7 liquidation, the trustee tries to determine if you have sufficient assets to that could be sold after you exemptions are deducted, to make payments to your creditors. In a chpater 13 filing the trustee tries to determine whether you could sustain the chapter plan and whether the plan is properly worked out or needs modification.

The question at a 341 meeting varies based on the type of bankruptcy filing. In a Chapter 7 liquidation, the trustee tries to determine if you have sufficient assets to that could be sold after you exemptions are deducted, to make payments to your creditors. In a chpater 13 filing the trustee tries to determine whether you could sustain the chapter plan and whether the plan is properly worked out or needs modification.

What if I Cannot Attend The 341 Meeting

You are required to attend the 341 meeting of creditors. If you cannot attend the meeting you should inform your attorney early so that your bankruptcy attorney may request an adjournment of the meeting. If you do NOT have a bankruptcy attorney you should contact the bankruptcy trustee. If you fail to attend the 341 meeting the trustee could file a motion with the bankruptcy court to dismiss your case.