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

As part of the bankruptcy process, the United States trustee will hold a meeting of creditors within 21 days (but no more than 40 to 60 days depending on the type of bankruptcy) after filing for bankruptcy. This is called the 341 meeting (named after the section of the US Bankruptcy Code). At this meeting, the trustee (or a member of the trustee’s staff) will review the bankruptcy filing documents and the proposed repayment schedules. As the debtor, you and your New Mexico bankruptcy attorney are required to attend the meeting and creditors have the option of attending.

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

The Albuquerque-based bankruptcy law firm of New Mexico Financial and Family Law works with clients throughout New Mexico. At your free initial consultation, we can help you prepare for your bankruptcy filing and accompany you to your 341 meeting. Contact New Mexico Financial and Family Law online or call (505) 503-1637 to arrange a free initial bankruptcy consultation.

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