What is a 341 Bankruptcy Meeting and What Can I Expect?

Whether you file a chapter 7 or a chapter 13 bankruptcy you will be required to attend a 341 Meeting or meeting of the creditors. This is a 5-10 minute meeting with the bankruptcy trustee and an attorney will be there with you. It is called a meeting of the creditors but few creditors actually attend the meeting. Most of the time individuals can expect that no creditors will be present. 

The trustee is going to ask you questions to verify the information in your case. Typically these questions are yes or no questions. Usually these are similar to the questions your attorney will ask you before filing the case. So, you most likely will have heard these questions at least once before the hearing. 

You may be wondering how to prepare for your 341 Meeting. Prior to your hearing your attorney should run through a list of common questions that you will be asked by the trustee. Your attorney can also provide details about what to expect. These days, 341 meetings are conducted via zoom. It is a good idea to get familiar using technology before the hearing. If you have never used Zoom before, you should practice signing in before the hearing. You don’t want to deal with the stress of using Zoom for the first time during your hearing. 

The meeting of the creditors can seem like a scary process, but an attorney will be there with you. Try to stay calm and answer the questions honestly. If you do not know the answer to a question you can simply say “I do not know”. During the meeting just listen carefully to the trustee’s questions and answer honestly. 

CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM

If you are dealing with an overwhelming debt problem, it is important to discuss your options with a bankruptcy attorney. If you have questions about bankruptcy and would like to do a free consultation to go over your options, visit www.lifebacklaw.com to speak with an attorney. You will be glad you did!