Also referred to as the meeting of creditors, a bankruptcy 341 meeting is a mandatory meeting required by the 341 section of the bankruptcy code. A 341 meeting is an important part of the bankruptcy process and is primarily designed as an opportunity for your bankruptcy trustee (or any creditors) to ask a series of questions pertaining to your case. Most people have never attended a 341 meeting of creditors and aren’t sure what to expect from the proceedings. We’ll outline what you should know and expect before attending below.
1. Bring Your ID with You
Make sure you bring official forms of ID and any other required documents, as your bankruptcy trustee will need to verify your identity.
2. Several 341 Meetings Can Occur at Once
Several individual 341 meetings will be scheduled at once. This means you can expect to see 20-30 debtors and trustees in attendance, with cases being called one by one. There may be a wait before your meeting time begins, but the process moves quickly once the meeting begins, with most only lasting 10 minutes.
3. Telling the Truth in a 341 Meeting is Critical
Though a meeting of creditors is not a court hearing, you will be placed under oath, and your responses will be recorded. Your bankruptcy attorney will help prepare you for all the questions you should expect, but it’s critical that you give honest responses to every question. Bankruptcy trustees will typically ask questions about how you derived the value of your house, if anyone owes you money, or whether you are expecting any tax refunds, inheritances, or life insurance payouts.
4. Creditors Probably Won’t Attend
While they are invited to attend, most creditors don’t come to 341 meetings. In the rare instances that they do attend, it’s typically in cases when they want to inquire about recent cash advances, investigate potential fraud, or ask about your plans for secured property (for example, a car lender may come to ask whether you plan to surrender the car or reaffirm your loan).
Representing You During Your 341 Meeting
Preparing yourself for a 341 meeting can be lengthy and seem daunting. Parker & DuFresne want to get you back toward financial stability and ensure that you are prepared for every step during your bankruptcy. Our firm will ensure that every consultation is thorough and assists you. Contact us to see how we can help you.