The 341 meeting, or meeting of creditors, is an important stop on your road to a debt-free financial future.
If you file for Chapter 7 or 13 bankruptcy protection, you must attend this short but informative meeting and provide answers to some essential questions.
Understanding the 341 meeting
The 341 meeting takes its name from Section 341 of the United States Bankruptcy Code. It is also called the “meeting of creditors” for it is here that they may meet the debtor face-to-face and ask questions pertaining to his or her bankruptcy. It is more common to see representatives of credit card companies attend. Although creditors will receive notice of the meeting, they rarely appear. They will not lose standing in a bankruptcy case if they choose not to come.
Meeting your trustee
From your point of view, the 341 meeting is important because this is where you will meet the trustee assigned to your case by the Office of the United States Trustee. He or she will ask questions pertaining to your current financial status, your assets, debts and similar subjects, the goal being to administer your case in the most efficient way possible. Keep in mind that if you fail to appear at the 341 meeting, the trustee might ask the court to dismiss your case.
Preparing to appear
You should bring a government-issued photo ID and proof of your Social Security number. Your bankruptcy attorney will accompany you to the meeting and provide the necessary documents to the trustee. These might include copies of your tax returns, bank statements, deeds, vehicle titles and the like. Remember that this will probably be a short meeting and one that you will leave feeling you have taken a major step on the road to a brighter financial future.