A 341 meeting is a meeting between a debtor, an insolvency practitioner, and the debtor’s creditors required in Chapter 7 or Chapter 13 bankruptcy proceedings. The purpose is to ascertain facts, and the trustee examines the debtor through a series of questions. The meeting is presided over by a bankruptcy trustee, and creditors may ask questions. In most cases, the meetings are short and routine.
A 341 meeting, also known as a 341 meeting of creditors, is a meeting between a debtor, an insolvency practitioner, and the debtor’s creditors. It is a required part of Chapter 7 or Chapter 13 bankruptcy proceedings issued under the United States Bankruptcy Code. During the meeting, the bankruptcy trustee interrogates the debtor under oath about the information contained in the bankruptcy petition. If they wish, creditors or their representatives may also ask the debtor questions about the information he has provided. The purpose of a 341 meeting is to ascertain the facts, rather than attempt to force the debtor to justify the bankruptcy.
While a 341 meeting is sometimes described as a court meeting, a bankruptcy trustee, rather than a judge, presides over the proceedings. The trustee is an individual appointed by the US Bankruptcy Trustee Office to handle and administer local bankruptcy cases. In a Chapter 7 bankruptcy, the trustee will collect and liquidate all non-exempt assets belonging to the debtor and then repay the debtor’s creditors from the proceeds. In a Chapter 13 bankruptcy, the trustee approves the debtor’s repayment plan and collects its monthly payments and distributes them to creditors. The trustee is responsible for making sure that the debtor has disclosed all assets, obligations and, in a Chapter 13 bankruptcy, income is reported to ensure the creditors are compensated.
For this reason, the bankruptcy trustee must examine the debtor through a series of questions. Applications usually begin by asking the debtor to provide his or her name, address, and Social Security number, and then proceed to confirming any information listed in the bankruptcy filing. The trustee will also want to verify information about bad obligations, such as alimony or child support. This interrogation period is typically recorded on tape or by a stenographer. If the debtor has a lawyer, the lawyer can be present during the 341 meeting. After the bankruptcy trustee has been questioned, the creditors or their representatives will be invited to ask questions.
While the specter of a 341 meeting scares many debtors, in most cases the meetings are short, lasting 10 or 15 minutes, and routine. Often creditors don’t even show up at the meeting because there are other ways to object to a debtor’s bankruptcy application. Of course, if there are inconsistencies in the bankruptcy filing, or the trustee suspects fraud, the 341 meeting can get longer, more complex, and more unpleasant. In general, in simple cases where the debtor and his attorney have clearly listed his debts and his assets, complications are unlikely to arise during the bankruptcy meeting.
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