If you file for bankruptcy, you will have to attend a 341 meeting. In this article, we’ll explain what a 341 meeting is and what you can expect during one.
- A 341 meeting is a mandatory meeting at the beginning of a bankruptcy proceeding.
- 341 meetings are used to confirm what the debtor said in their filing, allow the creditors to ask questions, and help the debtor understand the bankruptcy process.
- Creditors will typically not appear at 341 meetings.
What Is a 341 Meeting?
A 341 meeting, also called a creditors meeting, is a mandatory meeting held at the start of a bankruptcy proceeding that the debtor must attend. It is usually scheduled between 20 and 60 days after the debtor files for bankruptcy. The name “341 meeting” comes from section 341 of the Bankruptcy Code.
The goal of a 341 meeting is to examine the debtor’s financial position and confirm what they said in their bankruptcy filing. The debtor must answer any questions asked by the presiding officer of the 341 meeting under penalty of perjury.
Another goal of 341 meetings is to help the debtor understand the bankruptcy process as well as to allow creditors and other interested parties to ask questions about the debtor’s financial affairs. The creditors will most likely not appear at a 341 meeting. If they do, it is usually for one of the following reasons.
- The creditor wants to ask about recent cash advances or credit card purchases
- The creditor seeks information about disclosures that differ from that put on a credit application, such as the amount of your income
- The creditor is a hostile former business partner, spouse, or another individual concerned about not being paid
The attorneys of the debtor and creditor of the bankruptcy case are welcome to attend the 341 meeting but are not required to.
What Questions Will Be Asked at a 341 Meeting?
The most common questions that the trustee will likely ask the debtor at a 341 meeting include:
- If the address on the petition is the current debtor’s address
- If the debtor was the person who signed the petition, schedules, statements, and related documents of the bankruptcy filing
- If the debtor read the petition, schedules, statements, and related documents of the bankruptcy filing before signing them
- If the debtor is familiar with the information contained in the petition, schedules, statements, and related documents of the bankruptcy filing
- If, to the best of the debtor’s knowledge, the information contained in the petition, schedules, statements, and related documents of the bankruptcy filing is true and correct
- If the debtor identified all their assets and listed all their creditors in the bankruptcy filing documents
- If the debtor had previously filed for bankruptcy
Additional questions that the trustee may ask during the 341 meeting include:
- How the debtor valued their home
- How the debtor valued their car
- If the debtor has any claims against anyone
- If the debtor is expecting an inheritance
- If the debtor has transferred any assets
- If anything has changed since the debtor filed for bankruptcy
- If the debtor is required to pay any domestic support obligations such as alimony or child support
- If the debtor has filed all tax returns as they have come due
- If the debtor has made any payments to creditors exceeding $600 in aggregate in the last year
- If the debtor is owed money for any reason
What to Bring to a 341 Meeting
If you are going to a 341 meeting, you should bring:
- A valid and current photo I.D.
- Your Social Security card or other proof of your Social Security number
- Any documents that reflect a financial change since filing your petition