What to Expect at 341 Meeting—So Called “Meeting of Creditors”

Everyone who files bankruptcy has to go to a 341 Meeting

A “341” meeting is a meeting required under Bankruptcy Code section 341.It is a meeting where the Trustee will put you under oath to answer questions about your petition and schedules.If the case is a Chapter 11 or Chapter 13, the questions will involve what the plan going forward will entail, and the meeting will be more in depth.In most Chapter 7 cases, the meeting is brief and uneventful.In a typical Chapter 7 case, it is also the only time that you will be in court at all.

Generally, this is a “meeting with the Trustee” not a “meeting with creditors.” It is unlikely any of your creditors will be there.In a typical Chapter 7 case, your creditors will be large consumer lenders who will not waste their resources by having any of their employees attend.

A 341 meeting reviews your debts and settlement plan with your creditors

What to bring to your 341 meeting

No later than 7 days before the 341 meeting, you must deliver the following to the bankruptcy trustee, which is delivered through our office:

• Copies of your most recent tax return
• Copies of pay stubs or proof of income for the 60 days before you filed the bankruptcy petition
• Recent bank statements for the month of filing your case

You’ll also
need to bring the following to the meeting:

• Government-issued photo ID (driver’s license, state issued picture ID card, passport, or legal resident alien card)
• Social Security card or proof of your Social Security number or Taxpayer ID (original W-2 form for most recent tax year, recent pay stub, or other official document with your name and Social Security number on it)
• Bank and investment account statements (checking, savings, money market, mutual funds, brokerage accounts, if the Trustee has asked for you to bring them through our office)
• The Trustee may ask for other documents at the meeting which you will provide through our office after the meeting

If you do not provide the trustee with the appropriate documentation within the appropriate timeframe, the trustee may have your bankruptcy case dismissed, or your case could be delayed and more costly.

The trustee and your creditors will ask questions at your 341 meeting

In New Mexico, there are several locations where 341 meetings take place, including Albuquerque, Farmington, Santa Fe, Roswell, and Las Cruces. The location of your 341 meeting is determined by your Zip Code.

At the meeting, the trustee will verify your identify and ask questions to ensure the documents you submitted are valid. Then the trustee will ask some questions to ensure that you have a viable repayment plan, if the case is one under Chapter 11 or 13.If any creditors attend the meeting, they will also have an opportunity to question you about the bankruptcy filing and repayment plan. The trustee may also explain how to arrange payroll deductions for your payments for Chapter 13 cases.

This video by the US Courts describes what happens at the 341 meeting.

Contact us for a free initial bankruptcy consultation