Once you've filed your bankruptcy petition, either Chapter 7 or Chapter 13, one of the first things that happens is a scheduled meeting with your creditors. This meeting is called a 341 meeting after the bankruptcy code section.

The 341 meeting takes place about 20 to 40 days after the initial filing. It's an informal, short meeting and often the only meeting you must attend during your case. It's an important meeting, and one you need to prepare for, but it's another step to clear your debts and start fresh.

Purpose of the 341 Meeting

The purpose of the meeting is to ensure that you fairly and honestly represented your assets, income and debts in your case. The trustee, who administers your case, can ask you questions, under oath, about your finances and property.

Creditors may also ask you questions. It's strictly a fact-finding meeting. You will not be asked to justify filing bankruptcy.

Debtor Must Attend 341 Meeting

You must appear at the meeting and answer questions under oath about your assets and liabilities. Your case can be dismissed if you don't appear. If you hired an attorney to represent you, he or she will attend the meeting with you.

Creditor Attendance Is Unlikely

Creditors are given notice of the meeting, but usually don't go in cases filed by individuals. Meeting attendance isn't required if a creditor wants to object to a Chapter 7 discharge or a Chapter 13 payment plan.

What Happens during the Meeting?

There's no judge. Meetings generally take 15 minutes or less, and are recorded by a court reporter or on tape.

The trustee places you under oath, and may ask you questions. The meeting is mostly a chance for the trustee to verify your information and find out if anything is missing from the paperwork. You may ask the trustee any questions you want at any time.

Typical Questions Asked

Typical questions a trustee may ask include:

• Your name, address and social security number
• Whether your bankruptcy petition and schedules are correct
• How you valued property listed in your petition
• Whether there have been significant changes in your situation since your filing date

If you filed a Chapter 13 case, the trustee may repeat the plan provisions in very general terms to make sure everyone understands your proposed plan.

If there are any creditors present, they get a chance to ask you questions about your property and finances.

You should be prepared to answer questions about your filings and to ask questions about anything you do not understand.

Purpose of Questions

The purpose of questions in a 341 meeting varies by the type of bankruptcy filing. In a Chapter 7 liquidation, the trustee tries to determine if assets can be sold to make some payment to creditors. In a Chapter 13 consumer reorganization, the trustee attempts to detail the debtor's plan to repay creditors and to assess whether the plan is workable.

If new or troubling facts come out at the meeting, the trustee or a creditor can file a motion or an adversary proceeding, which is a lawsuit filed within the bankruptcy case, in the bankruptcy court for the judge's consideration.

After the 341 Meeting

The meeting of creditors in a normal consumer Chapter 7 bankruptcy is often the last thing that the debtor has to do. Generally, after the meeting the only thing to do is to wait 60 days for the notice of discharge.

If you've outlined a reasonable plan in a Chapter 13 bankruptcy, everyone accepts it and the meeting is over. You are expected to start making your proposed payments on the schedule outlined in the agreed upon plan.

You must complete a debtor education course within 45 days of the 341 meeting.

Questions for Your Attorney

• Will my creditors be at the 341 meeting?
• Can creditors ask me questions at the 341 meeting?
• What if I can't afford to pay for a debtor education course?

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