A meeting of creditors is called a “341 Meeting” because that is the section of the Bankruptcy Code that requires the meeting to be held. A Meeting is where a Debtor appears before the Trustee to answer questions about their petition, schedules, and statements, under oath.
The meeting is also an opportunity for the Trustee to review the information you provided, confirm the information is correct, and ask any additional questions they may have.
The Meeting of Creditors is This meeting usually lasts 10-15 minutes.
You should always arrive to your 341 meeting of creditors EARLY. You should consider the time it will take to park, pay the meter, find the building, go through the metal detector, use the restroom, and find your room before your meeting is scheduled to start.
Here is an example of some of the questions you can expect to have a Trustee ask you at a 341 meeting of creditors:
- Did you read and sign your petition and schedules?
- Did you list everyone that you owe money to in your bankruptcy?
- Is all of the information in your petition and schedules true and correct?
- Do you have any changes that you need to make on your petition and schedules?
- Can anyone sue you for money?
- Have you paid money to, retained, or consulted any other attorney in the past year regarding any legal matter?
- Do you pay or receive child support?
- Are you involved in any class action lawsuits, such as credit card transaction lawsuits, medical recall lawsuits, or asbestos lawsuits?
Here is a video example of a 341 meeting of creditors: http://www.flmb.uscourts.gov/videos/bk_basics_creditors.htm
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