Posted by Wesley Scott on November 2, 2018 at 8:40 AM
Wesley Scott

I think one of the most anxiety producing events for a client is the meeting of creditors or 341 meeting. This is the meeting where the Chapter 7 trustee has debtor verify that the information on the schedules is true and correct and complete.

The vast majority of 341 meetings take place without any creditors present. Creditors can certainly appear, and have their attorney with too, if they like, but it is very rare. The vast majority of 341 meetings take place with debtor present, debtor’s attorney, and a Chapter 7 trustee and no one else present.

If the Chapter 7 case is complicated or involves substantial sums of money and or collateral, the creditors may appear at the meeting by themselves or with counsel or sometimes creditor’s counsel alone. When creditors do appear, my experience is they would like to know 3 things. First, where is their collateral now? Second, what condition is their collateral in? And third, when can the bank get their collateral back or what is debtor’s intentions with the collateral.

As I have stated previously, the vast majority of 341 meetings take place with no creditors present. This usually means the meetings are very brief- lasting maybe 5-10 minutes. If creditors appear, the meetings can last longer than 5-10 minutes.

If a case is prepared well, and debtor is telling the truth, the meetings go smoothly. If the lawyer’s office has spent time with you and fleshed out all your assets, debts, and answered the questions completely and honestly, these meeting become a formality more than anything else.


When the time is right, or when you are ready, reach out to Minnesota’s highest google reviewed bankruptcy law firm at www.kainscott.com. You will be so glad you did!

Sign up for a Free Bankruptcy Consultation

Topics: Chapter 7 Bankruptcy, Filing Bankruptcy, MN Bankruptcy

Take the first step toward  getting your life back  Let us help you get started on your road to a debt-free life Sign Up for a Free Consultation