What is the 341 Meeting in Bankruptcy?
Approximately 1 month after your Chapter 7 bankruptcy is filed, you and your attorney will attend a 341 Meeting at the Bankruptcy Court. So, what is the 341 Meeting?
- It is conducted by your bankruptcy trustee in a meeting room at the Bankruptcy Court. There are generally 6-7 cases on each 1/2 hour docket.
- You will need an identification card (drivers license, passport, etc.) to enter the Bankruptcy Court. You will also need your social security card which you will show to the trustee. This allows them to verify that the social security number on your bankruptcy petition is accurate.
- We normally provide all required documentation to the trustee before your 341 Meeting. However, if you have not yet provided it to us, you must bring it to the Meeting.
- You will be sworn in and will give your answers under oath.
- Your attorney will go through a list of questions with you which essentially verify that you have filed in the correct court, used the correct state exemption laws and that the information on your petition and schedules is true and complete. This part of the meeting normally takes 1-2 minutes!
- The trustee may then ask you follow up questions or seek information about a specific asset. This part of the questioning normally takes up to 5 minutes.
- The trustee will then inquire whether any creditors are present. In a large number of cases, no creditor appears. In that instance, the trustee will excuse you and the meeting is over! If a creditor does appear, they have the opportunity to question you about their debt as well as the information in your petition and schedules.
- In most cases, you will spend less than 10 minutes providing information at the 341 Meeting. In addition, the 341 Meeting is normally the only time you will need to attend court for your Chapter 7 case.
Often clients are concerned or even worried about the 341 Meeting. This is understandable. Most clients have no experience with the legal system and likely do not enjoy speaking in public about their problems. It is important to remember that the other people in the room are either having similar circumstances or are representing people with similar circumstances. In addition, the Meeting will almost certainly NOT live up to your imagination. It is merely a step in the bankruptcy process that must be crossed in pursuit of your goal of receiving a discharge.
We will ensure that you are prepared for you 341 Meeting, that all of your questions have been answered and your concerns addressed. We will also be there with you every step of the way. Call us today.
(We are a debt relief agency and we help people file for bankruptcy relief under the Bankruptcy Code.)