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What is a Bankruptcy 341 Meeting?

Posted By admin || 19-Oct-2011

What is a Bankruptcy 341 Meeting?

The Bankruptcy 341 Meeting

If you file for bankruptcy you can expect to attend what's called a 341 meeting. This meeting gives both the person filing for bankruptcy and the creditors a chance to get together and speak with the bankruptcy trustee about the debts that are owed. The trustee is neither on the creditors nor the debtor's side, they're supposed to be rather neutral and determine the best solution for everyone involved. All of your creditors are invited to attend the 341 meeting, although often few, if any, actually appear.

At the 341 meeting you will be sworn in as though it were a regular court proceeding, this is because the trustee is appointed by a bankruptcy court and does have certain legal authority.

You'll be asked to explain your situation, or to verify that the situation you've previously spelled out on paper is accurate. You'll review your listed creditors to make sure that list is complete. You want to be completely honest about your financial situation and everyone you owe, if you skip any of your creditors then you will still owe them the complete amount after the bankruptcy.

There will also be questions regarding your current financial situation and if things have changed since you filed for bankruptcy. Then your creditors will have a chance to ask you any questions they may have about your debts to them. The meeting is designed so that the trustee can get all the information that they need to determine what creditors get repaid and how much, not to attack the person filing for bankruptcy.

Categories: Bankruptcy
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