Bankruptcy: What to expect at your 341 Meeting

You’ve chosen a lawyer, decided on which chapter of bankruptcy is best, and have filed your initial paperwork with the court. What comes next? There are several steps in the bankruptcy. One of the first steps is a meeting known as the “341 Meeting.” It is also known as a “Creditor’s Meeting.”

What is a 341 Meeting?

A 341 meeting is a hearing held by the trustee who has been assigned to your case. The meeting is an opportunity for the trustee and for any creditors to ask you a series of questions regarding your eligibility for bankruptcy. Your lawyer should prepare you in advance by providing you with a list of questions that the trustee will be asking. If there are any issues with the paperwork that you have filed with the court, the trustee will likely raise those issues at the 341 hearing. Your bankruptcy proceeding cannot go forward until you have satisfied the trustee’s requirements for the 341 meeting.

Who will be present?

There are a number of different people that could be present at your 341 meeting. At a bare minimum, you must attend. The trustee who has been assigned to your case will also be in attendance, as will your lawyer. Representatives from your creditors can also make an appearance to challenge your bankruptcy paperwork and ask questions regarding your finances. The last group that could be present at your 341 meeting is the Department of Justice (“DOJ”). The DOJ gets involved with 341 meetings if there are allegations of bankruptcy fraud. The DOJ takes such allegations very seriously.

What do you need to bring?

Every jurisdiction is unique, but there are a few things you should bring with you to your 341 meeting. You should have several forms of ID with you including your driver’s license, social security card and passport. You will also need to bring a completed set of questionnaires that will be provided to you by your attorney. All of this paperwork will need to be provided to the trustee for their review. Finally, you will likely be required to bring proof of income and your bankruptcy paperwork. There may be other paperwork required depending on the type of bankruptcy you have filed and any objections that have been made by the trustee.

Why you need a lawyer.

You absolutely need a lawyer for the 341 Meeting. The purpose of the 341 Meeting is to allow the trustee and the creditors an opportunity to confirm that you have followed all the rules. Failure to follow the relevant bankruptcy rules could result in your case either getting delayed or dismissed. Worst case scenario; the DOJ could even get involved. Therefore, make sure you have your attorney prepare you for the 341 Meeting and walk you through what is likely to happen.