As you go through the bankruptcy process, you’re going to hear a lot of new terms. That can be daunting and confusing. However, the more you understand, the less frightening the whole thing will be.
One of the terms you’ll hear early in the process if you’re filing for either Chapter 7 or Chapter 13 bankruptcy is something called a “341 meeting.“ This is a significant step in the process. The name comes from the section of the bankruptcy code that addresses it.
What happens at the 341 meeting?
The purpose of the meeting, which usually occurs about a month after the filing, is essentially to make sure that all of the bankruptcy paperwork, including the debtor’s financial records showing their assets and liabilities, have been presented and are in order.
The trustee will confirm the facts of the case with the debtor and discuss their repayment plan if they’re filing Chapter 13. They’ll probably be asked about any assets they’re anticipating receiving, like an inheritance or tax refunds.
The meeting, which is typically held in the trustee’s office rather than in a courtroom, is also a time for a trustee to ensure that the debtor isn’t attempting to commit bankruptcy fraud. The trustee will have already reviewed all of the paperwork previously presented, so they will have questions.
Who attends the 341 meeting?
The only people required to be there are the trustee and the person filing for bankruptcy. If that person has an attorney representing them in their bankruptcy, they will attend as well. Creditors are notified of the meeting and may attend, along with their attorneys, and are allowed to ask questions of the debtor.
If you’re working with an attorney during your bankruptcy, they will ensure that you have all of your documents ready for review and submission. They can also help you prepare for questions you may be asked by the trustee — as well as by your creditors — if they attend the 341 meeting. Having a bankruptcy attorney by your side can help the whole process go more smoothly.