What you need to know about the Bankruptcy Meeting of Creditors?

By: Lauren A. Talty, Esquire

After you file for bankruptcy, you will be notified that a Meeting of Creditors, also known as 341 Meeting, has been scheduled.  The Meeting of Creditors is typically scheduled for 30-60 days after filing for bankruptcy.  The 341 Meeting is where the person who filed for bankruptcy (or debtor) meets with the Trustee in their bankruptcy case.  The Meeting of Creditors is a part of every Chapter 7, Chapter 13, and Chapter 11 bankruptcy case.  Here are the top five things you need to know about the 341 Meeting:

  1. Preparing to attend. You or you and your spouse, if filing a joint case, are required to attend the meeting.  Your attorney will prepare and send the required pre-341 documents to the Trustee for review.  Your Trustee may make specific requests for additional documents.  It is extremely important to follow your attorney’s instructions regarding your Trustee’s document requirements and deadlines.
  2. You need to bring photo identification and proof of your social security number. At the beginning of the 341 Meeting, the Trustee will verify your identity and confirm your social security number.  You need to bring a government issued photo id, such as a driver’s license or passport and something showing your social security number, such as your social security card, W-2, or 1099.  Additionally, you should bring any other documents that the Trustee requests.
  3. Who will be there and who will not be there. Your attorney will meet you there and represent you at the meeting.  Although the creditors listed on the bankruptcy petition will receive notice of the 341 Meeting, in nearly every Chapter 7 and Chapter 13 case, the creditors will not attend.  Bankruptcy judges do not attend the meeting.
  4. The 341 Meeting is not a court hearing, but is a meeting run by the Bankruptcy Trustee. 341 Meetings are held in a meeting room, not a courtroom.  The Bankruptcy Trustee that was appointed in your case will run the meeting and will record it.
  5. The Trustee will ask you a series of questions under oath. The Trustee will swear you in and ask you questions regarding your bankruptcy petition.  The Trustee will ask if you reviewed your petition prior to signing, whether you listed all your assets, whether you listed all your debts, and whether there are any changes to your petition.  The Trustee may also ask about the value of your assets, if you expect to receive an inheritance, if anyone owes you any money, if you have a legal claim against someone else, if you transferred property within the last four years, or you made any large payments to anyone. It is important that when answering these questions that you tell the truth.

Now that the 341 Meeting is complete, what happens next?  If you filed a Chapter 7 bankruptcy and assuming that the Trustee does not have any post meeting requirements, you will just wait for your discharge, which you will receive in approximately 10 weeks.  If you filed a Chapter 13 Bankruptcy, your case will move towards plan confirmation.  Upon successful completion of your 3-5 year plan, you will receive your Chapter 13 Discharge.

After the conclusion of the 341 Meeting, you will be one step closer to relief from your debts and toward a fresh financial start. Our bankruptcy attorneys can guide you through the bankruptcy process.  Call us today to schedule your free consultation 856-482-5544.

This article does not create an attorney-client relationship. This article is legal information and should not be seen as legal advice. You should consult with an attorney before you rely on this information.