341 Meeting

Meeting with the Creditors and Trustee 30 Days After Filing

After you file the necessary paperwork and start the process of filing for Chapter 7 or Chapter 13, you will need to make a court appearance. Unlike a criminal court case, a judge will not be present during your court appearance. This typically occurs about 30 days after you file for bankruptcy with the court. It is a chance for you to have a meeting with your creditors and your assigned bankruptcy trustee. This is known as a 341 meeting--named after the bankruptcy code 341.

During the meeting, you will be sworn in and your answers will be given under oath. Either a court reporter will be there to record the meeting or a tape recorder will be playing. This meeting is simply a review of the facts surrounding your bankruptcy filing. You don’t have to “justify” the reason for filing bankruptcy and neither the creditors nor the trustee presiding over the meeting will take any action against you based on your answers. However, if additional facts are discovered during the meeting, the creditors or trustee may decide to file an adversary proceeding or a motion for a judge to review.

What takes place during this meeting?

The trustee will ask you if you read all of the schedules before you signed on the dotted line. The trustee will also ensure that the schedules are accurate and that you listed all of your assets and your debts. You will also confirm that your contact information is correct. If you find any inaccuracies, you will be given the chance to correct any information listed on your schedules. If you owe domestic support, this should be reviewed during the meeting. You will also be asked if your credit cards have been destroyed.

The trustee will ask you how you arrived at the values for your assets. For example, if you listed jewelry as one of your assets, how did you determine its worth? If you have any other business interests or assets that may be deemed out of the ordinary, this should be reviewed during the meeting.

For more information about the details of a 341 meeting, contact a qualified bankruptcy attorney.