Understanding the 341 Meeting or Meeting of Creditors

The 341 meeting, also called the “meeting of creditors,” is a vital part of the bankruptcy process. Individuals and businesses who file for bankruptcy must attend this meeting at the beginning of their bankruptcy proceeding. This is a meeting between creditors and debtors. The 341 meeting is named after section 341 of the Bankruptcy Code. Understanding what the meeting of creditors entails, its purpose, and what to expect during the meeting can help make navigating the bankruptcy process less stressful.

What Is the 341 Meeting and What Is Its Purpose?

The 341 meeting, or the meeting of creditors, is a hearing that debtors who file for bankruptcy must attend. A judge is not present during this meeting. The 341 meeting is conducted by the bankruptcy trustee or a representative of the United States Trustee. Who presides over the meeting is dependent on the bankruptcy chapter.

The purpose of the 341 meeting is to establish the facts of the bankruptcy in question. This meeting ensures that all the information in the bankruptcy petition is complete and accurate. During the 341 meeting, creditors are allowed to ask the debtor questions under oath about their assets, financial situation, and debts. This means that if a debtor lies during this meeting, they are guilty of perjury. The meeting of creditors also helps the debtors understand the bankruptcy process.

Who Is Present at the 341 Meeting?

The 341 meeting is not presided over by a judge. Instead, the meeting is presided over by a bankruptcy trustee or a representative of the United States Trustee. Other key individuals present at a 341 meeting include the debtor, creditors, and debtor’s attorney. However, creditors are not required to attend the meeting. In fact, they rarely attend the meeting, especially in consumer bankruptcy cases. For debtors, attending the 341 meeting is mandatory. If you miss this meeting, your bankruptcy case may be dismissed. You must attend the meeting and answer questions truthfully. If you are dishonest, you might face perjury penalties.

Questions You Might Be Asked at Your 341 Meeting

The following are some of the questions you might be asked during your 341 meeting;

• Is the address on your petition your current address?
• Did you review your petition, schedules, statements and other documents before filing with the court?
• Have you listed all your assets?
• Have you listed all your debts and creditors?
• Have you filed for bankruptcy before?
• Is the information contained in all documents true?
• Has anything changed since you filed your petition?

If creditors are present at your 341 meeting, they may ask questions about the nature and extent of your debts and assets.

You need to take time to prepare for your 341 meeting. Preparing can make the hearing less stressful. Review your bankruptcy documents before the meeting and prepare to answer questions. Consulting an attorney beforehand can ensure you’re fully prepared for the meeting. They can help you review your paperwork and understand the questions you may be asked during the meeting.

Contact Our Deerfield Beach Bankruptcy Lawyer

For help preparing for your 341 meeting, contact our Deerfield Beach bankruptcy lawyer at the Law office of Adam I. Skolnik, P.A.

Source:

law.cornell.edu/uscode/text/11/341