If you have decided to seek Chapter 7 or Chapter 13 bankruptcy protection, you will attend the 341 meeting shortly after you file.
This is an important and informative stop on the road to a more secure financial future.
What it is
The “341 meeting” takes its name from Section 341 in the United States Code. It is also known as the “meeting of creditors” since anyone to whom you owe a debt may attend and question you about your bankruptcy. Creditors rarely appear, however, and do not forfeit their standing in your case if they choose to stay away. Instead, you will meet with the trustee from the Office of the U.S Trustee who is in charge of administering your case.
What to expect
To gain information that will enable the most efficient administration, your trustee will ask questions that you must answer truthfully under penalty of perjury. The questions will pertain to your property, liabilities, current financial circumstances and anything else that is pertinent to your bankruptcy. Your attorney will accompany you to the 341 hearing and provide the trustee with documents such as your bank statements, tax returns, pay stubs and car title. You will only need to bring your ID and proof of your Social Security number.
What not to do
The 341 meeting usually only lasts for a few minutes and you must not fail to appear when scheduled. If you do not attend, the trustee could ask the court to dismiss your bankruptcy case. The court could also hold you in contempt if you do not cooperate. This is an important and informative meeting that you will not want to miss.