What Happens at the 341 Meeting of Creditors?


Although it sounds intimidating, the 341 meeting is far less threatening than you might think. It serves as a way for the trustee to responsibly and accurately administer your estate. Regardless of whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you are required to attend this meeting before proceeding successfully with your filing.

But what can you expect at this meeting? Will you be interrogated about the state of your finances? Before you give way to panic, keep reading. We think the following information will calm your fears and help you show up with confidence.

The Basics of a 341 Meeting

Perhaps most surprising to some individuals is that this meeting does not occur in a courtroom. It will most likely take place in a meeting room in a federal building or the bankruptcy court. Those in attendance include you, your attorney, your trustee, and possibly your creditors (although they rarely show up).

Prior to the date of your meeting, your trustee will alert you or your attorney about the necessary documents you'll need to bring. A photo ID and social security card is always required, but you may also be asked to bring your bankruptcy papers, proof of income, and property deeds.

The most important thing your trustee is looking for at the meeting is proof that your information is correct and that your creditors get the maximum amount of money possible. They'll do this by asking you a series of questions.

Questions you might expect to answer include:

  • Why did you file for bankruptcy?
  • Is all your property listed with accurate values?
  • Do you have any dependents?
  • How accurate is your income information?
  • How did you come up values for your house and car?
  • Do you owe child support or alimony?

These questions can then be followed by inquiries from your creditors, but it is uncommon for them to attend. After all questions have been asked, the trustee will finish the meeting and inform you of any additional information or amendments that they need.

All in all, the 341 meeting is usually brief and fairly painless, especially if you know that your information is correct. Many individuals find that they benefit from having an additional source of support throughout the process and our Phoenix bankruptcy has helped numerous clients through this very meeting.

To learn more about how we may be able to help, contact our firm!