The 341 meeting (also known as meeting with the creditors) is required whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy. This 341 meeting is not conducted inside a court, nor is there a judge involved. There is only 1 trustee who will preside over the this meeting, which is also known as the meeting with the creditors. This meeting is usually the only meeting you will have with the court system before the bankruptcy discharge is issued or denied. The 341 meeting is a fact assembly meeting. The trustee use this meeting to confirm your request for filing bankruptcy by asking you to verify the signed documents.
What Happens At The 341 Meeting?
Your 341 meeting is scheduled along with others who have filed for bankruptcy also. Your 341 meeting with the trustee usually take no more than 10-15 minutes. The court system scheduled many 341 meetings for the same day. You should arrive early for your 341 meeting just to sit in on other people's 341 meeting. 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 trustee presiding over the 341 meeting will try to ascertain all the facts and condition surrounding your bankruptcy petition. The trustee can ask you questions about the assets that you have listed in the petition, about any strange assets that you have, or any business interests you might have. If the trustee feels that he/she ask additional information on certain asset or liability, you will have to supply that information at the 341 meeting or submit it as soon as the 341 meeting has concluded. 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:
Will I see my creditors at the 341 meeting?
All the creditors you have listed in the bankruptcy petition are invited to the 341 meeting, but realistically most of them will not show up. Most of the time creditors do not show up at the meeting because they can still file their objection (if they choose to) for the discharge 30-45 days after the 341 meeting. But if the creditors choose to attend the meeting, most of the time the creditors believe they have been defrauded and want to inquiry the debtor in person.
What I should not expect in the 341 meeting?
Since 341 meeting is a fact assembly meeting, nothing can be decided then. Below is a list of the questions/events that will not happen at the 341 meeting:
After attending the 341 meeting, what is next?
The moment you have completed your 341 meeting, you should complete the post bankruptcy credit counseling course. You will want to present your post bankruptcy credit counseling certification as soon as you can so as not to delay your bankruptcy discharge. With all your supporting documents and bankruptcy petition in order, within 30-45 days after the 341 meeting, you will hopefully receive your bankruptcy discharge.
What Happens At The 341 Meeting?
Your 341 meeting is scheduled along with others who have filed for bankruptcy also. Your 341 meeting with the trustee usually take no more than 10-15 minutes. The court system scheduled many 341 meetings for the same day. You should arrive early for your 341 meeting just to sit in on other people's 341 meeting. 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 trustee presiding over the 341 meeting will try to ascertain all the facts and condition surrounding your bankruptcy petition. The trustee can ask you questions about the assets that you have listed in the petition, about any strange assets that you have, or any business interests you might have. If the trustee feels that he/she ask additional information on certain asset or liability, you will have to supply that information at the 341 meeting or submit it as soon as the 341 meeting has concluded. 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
- 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?
- Do you want to make any modifications to the schedules?
- Have you lived outside of this state for the past 2 years?
Will I see my creditors at the 341 meeting?
All the creditors you have listed in the bankruptcy petition are invited to the 341 meeting, but realistically most of them will not show up. Most of the time creditors do not show up at the meeting because they can still file their objection (if they choose to) for the discharge 30-45 days after the 341 meeting. But if the creditors choose to attend the meeting, most of the time the creditors believe they have been defrauded and want to inquiry the debtor in person.
What I should not expect in the 341 meeting?
Since 341 meeting is a fact assembly meeting, nothing can be decided then. Below is a list of the questions/events that will not happen at 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
After attending the 341 meeting, what is next?
The moment you have completed your 341 meeting, you should complete the post bankruptcy credit counseling course. You will want to present your post bankruptcy credit counseling certification as soon as you can so as not to delay your bankruptcy discharge. With all your supporting documents and bankruptcy petition in order, within 30-45 days after the 341 meeting, you will hopefully receive your bankruptcy discharge.
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