What Is A 341 Bankruptcy Meeting?

Whether you file for chapter 7 or 13 bankruptcy, one requirement is for you to attend a 341 meeting, also known as the meeting of creditors. Upon filing your petition for bankruptcy, the courts will schedule a date for you and your creditors to meet regarding your case. 

You should not confuse the meeting of creditors as a shakedown, because it is not. It is a formal meeting in which you must swear under oath that you are who you claim to be and all information in your petition is accurate. You should have your legal identification and a copy of your social security number for them to use to verify your identity as well. 

Verification of debts

During a 341 meeting, creditors cannot request payment from debtors. They are there to reaffirm or deny the debts/collateral in your petition. They can also dispute dischargeable debts that you include in your petition. The meeting is not mandatory for creditors to attend. However, your presence is necessary since it is a serious meeting that carries significant weight in your bankruptcy filing’s outcome. 

The 341 meeting is not a hearing. However, the proceedings are recorded. A bankruptcy trustee who represents your interests is in charge of what happens during the meeting. They are there to determine the validity of your debts and choose which assets to use as collateral. They must also identify unrecoverable debts and other assets that are pertinent to your bankruptcy case. 

The interrogation process

You must provide truthful answers to all questions in the meeting. These questions help the trustee to learn Everything you say is admissible as evidence for your filing. Do not guess about anything. Untruthful answers, omissions and guesses can result in a dismissal of your petition. 

Thoroughly review your circumstances and prepare so you do not encounter issues that could affect your chances at having your debts discharged.