Wondering what happens at a 341 Meeting of Creditors? We have answers!
The 341 Meeting of Creditors (sometimes just called the “341 meeting” or “meeting of creditors”) serves a few purposes:
- First, it is an opportunity for the trustee to meet with the debtor to verify the debtor’s identity.
- Second, it provides an opportunity for the trustee to ask questions about the bankruptcy petition, bankruptcy schedules, or any assets that the debtor may have.
- Third, it allows creditors an opportunity to question the debtor regarding assets (This rarely occurs so you can relax.).
The 341 meeting is slightly different depending on what chapter bankruptcy you’ve filed, what bankruptcy district you’re in, and what trustee is assigned to your case.
What happens at a Chapter 7 341 meeting?
Chapter 7 341 meetings are held about 4-6 weeks after you file your bankruptcy petition. Shortly after you file, you will be assigned a Chapter 7 Trustee. You will receive a 341 meeting notice which informs you (and your creditors) of the date, time, and place of your meeting. If you filed your Chapter 7 bankruptcy with our office, we would also follow up with you to confirm you are aware of the date, time, and place.
In every case, the Chapter 7 trustee will verify your identity through photo ID and proof of social security number. Photo ID includes driver’s licence, state issued ID, passport. You can prove your social security number through your social security card or through a W2 or 1099 displaying the number. If possible, you should try to have your social security card. If you don’t know where yours is, you can request a replacement social security card online.
The meeting only lasts a few minutes in most cases, but this seems to be the part of the process that scares my clients the most. There’s nothing to worry about! I would have already reviewed everything with you and would know if there’s anything that could be a problem. 99.9% of the time, there are no issues at the 341 meeting.
What questions will the trustee ask me at my 341 meeting?
In most cases the Chapter 7 trustee will ask a number of questions about your bankruptcy petition:
- Did you review everything with your attorney?
- Did your attorney answer all of your questions?
- Is this your signature on the petition?
- Did you ever file bankruptcy before?
- If so, when?
- Did you list all of your assets?
- Did you list all of your debts?
- Is everything in your petition and schedules true and accurate?
- Did you have any injuries in the last two years? (car accident, slip and fall, medical malpractice)
- Did anyone die recently from whom you expect to receive an inheritance?
- Does anybody owe you any money?
- What caused your financial difficulty?
As you can see, there’s nothing complicated here. There are no trick questions. If you don’t understand a question you can ask the trustee for clarification or ask your attorney.
What will my specific Chapter 7 trustee ask me?
The location of the meeting and specific procedures are different for each trustee. For example, some trustees ask that you fill out a questionnaire at the meeting. We will be providing specific videos for each of the trustees that we work with frequently so that you can be prepared.
What happens at a Chapter 13 341 meeting?
In many ways, Chapter 13 341 meetings are similar to those in Chapter 7 with a few notable exceptions. The main difference between a Chapter 7 and Chapter 13 is that a Chapter 13 is a voluntary repayment plan. In addition to the questions above, the trustee will likely ask the following questions:
- Do you understand this is a repayment plan?
- Have you made the required payments to the trustee’s office?
The trustee will also review your Chapter 13 plan with you and with your attorney. If there are any issues with your Plan, the trustee will ask your attorney to correct it. This is nothing to worry about. There are normally some corrections that need to be made. Additionally, the trustee may inform you of what additional documentation is required in order for your Chapter 13 Plan to be confirmed.
What will my specific Chapter 13 trustee ask me?
The location of the meeting and specific procedures are different for each trustee. We will be providing specific videos for each of the trustees that we work with frequently so that you can be prepared.
What happens at a Chapter 11 341 meeting?
A Chapter 11 341 meeting is very different from those in Chapter 7 or Chapter 13. In a Chapter 11 bankruptcy, there is rarely a trustee appointed. Thus, the 341 meeting is typically held by the United States Trustee’s Office. Chapter 11 341 meetings tend to be much longer than those in Chapter 7 or Chapter 13. Many times, the United States Trustee will schedule meetings every hour and will use the whole hour to question the debtor.
Like the other chapters, the United States Trustee will verify the debtor’s identity through photo ID and proof of social security number. The United States Trustee will typically review the bankruptcy petition and bankruptcy schedules with the debtor and ask any questions that may arise. Because Chapter 11 is much more complex than the other chapters, the United States Trustee will use the opportunity to review the requirements of Chapter 11 with the debtor and discuss logistics with the debtor’s Chapter 11 attorney. The attorney will normally review his or her thoughts on the timeline for the case and the Chapter 11 plan.
If you are filing a Chapter 11 bankruptcy with our office, we will spend time reviewing everything prior to the meeting so that you are prepared.