Bankruptcy Filing: Meeting Your Creditors
What is a 341 Meeting?
Upon filing your Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will receive notice of the date of your scheduled meeting of creditors. The meeting is called the 341 meeting because it is mandated by Section 341 of the Bankruptcy Code.
What happens at the 341 Meeting?
The 341 meeting is a time for the trustee to meet with you, the debtor, to ensure that you fairly and honestly represented your assets, income and debts in your case. The trustee, who administers your case, can ask you questions, under oath, about your finances and property.
Commonly asked questions include the following:
• Your name, address, and social security number
• Whether your bankruptcy petition and schedules are correct
• How you valued property listed in your petition
• Whether there have been significant changes in your situation since your filing date
What to expect at a 341 Meeting
Many clients are intimidated by the prospect of attending the 341 meeting because they think that they will be interrogated by their creditors, but that is not the case. Though creditors may attend the meeting and ask questions of the debtor, they rarely do, and as long as the information you provided to the bankruptcy court in your voluntary petition and schedules is accurate to the best of your ability, the tone of the meeting is informal and relaxed.
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