What is a 341 meeting?
A 341 meeting (short for a “meeting of creditors”) is a required meeting that occurs early in many U.S. bankruptcy cases. Its formal name comes from section 341 of the U.S. Bankruptcy Code. In plain terms: after you file for bankruptcy, the trustee assigned to your case meets with you (the debtor) and any creditors who choose to attend to verify the facts of your filing and collect any missing paperwork.
Key definitions
– Debtor: the person or couple who filed for bankruptcy.
– Creditor: an entity or person owed money by the debtor.
– Bankruptcy trustee: a court‑appointed official who administers the bankruptcy estate, reviews the debtor’s paperwork, and runs the 341 meeting.
– 341 meeting (meeting of creditors): the hearing where the trustee questions the debtor about identity, assets, liabilities, income, expenses, and other financial matters.
Purpose and how it works
– Timing: The trustee normally schedules the 341 meeting about one month after the bankruptcy petition is filed—typically between 21 and 50 days. This gives the trustee time to review the debtor’s submitted documents in advance.
– Primary goal: Confirm the facts in the bankruptcy filing, make any follow‑up document requests, and detect discrepancies that could indicate problems (including possible fraud).
– Who must attend: Legally, the debtor and the case trustee must attend. If the filer is married, both spouses must usually attend. Attorneys may attend. Creditors may attend and can ask questions but are not required to be present.
– Where: Most 341 meetings are held at the trustee’s office, not in a courtroom.
– Topics covered: Identity verification, current assets, liabilities, income and expenses, possible future income (e.g., tax refunds or inheritances), undisclosed holdings (private business shares, overseas assets), and any other facts material to the bankruptcy case. Creditors can ask clarifying questions; sometimes parties discuss repayment options or other arrangements.
What happens before the meeting
The trustee reviews the debtor’s petition and supporting financial documents before the meeting. The 341 meeting is mainly a chance to confirm those documents and supply any additional paperwork requested by the trustee.
Consequences of not attending
If the debtor fails to appear, the bankruptcy petition may be dismissed. Because attendance is mandatory, missing the meeting without prior coordination can end the case or cause major delay.
Short checklist — what to bring and prepare
– Government photo ID (driver’s license, passport) and Social Security number documentation.
– A copy of your filed bankruptcy petition and schedules.
– Recent pay stubs and proof of current income.
– Recent federal tax returns (usually the last one or two years).
– A list of assets (bank accounts, vehicles, real property, business interests) and any documentation for them.
– A list of creditors and the amounts owed.
– If married, expect both spouses to attend (if both filed).
– Notify your attorney and bring them if you have one.
– Be ready to answer questions about any expected future income (tax refunds, inheritances) and any assets not listed in the petition.
Worked numeric example (timeline + simple negotiation illustration)
– Filing date: January 1. A 341 meeting typically happens 21–50 days after filing. That means your meeting would likely be scheduled between January 22 and February 20.
– Simple negotiation example (hypothetical): Robin is the trustee. The debtor filed for bankruptcy over a $5,000 debt. At the 341 meeting, the debtor and creditor’s lawyers discuss an informal repayment approach, and the debtor proposes $200/month. At $200/month, the $5,000 would be repaid in 25 months (5,000 ÷ 200 = 25). This is an illustrative calculation only; Chapter 7 cases often involve liquidation or discharge rules, and formal repayment plans are more typical in other chapter types.
Practical tips for debtors
– Bring complete, organized documentation to the meeting. Missing paperwork causes delays.
– Answer questions truthfully and succinctly. The trustee’s role includes checking for inconsistencies.
– If you cannot attend, contact the trustee or your attorney immediately; failing to appear may lead to dismissal.
– Lawyers may attend and can speak for their clients, but the debtor must be present for direct questioning.
Sources
– U.S. Government Publishing Office — 11 U.S.C. 341 (Meetings of Creditors and Equity Security Holders)
https://www.govinfo.gov/content/pkg/USCODE-2011-title11/html/USCODE-2011-title11-chap3-subchapI-sec341.htm
– United States Courts — What Is a 341(a) Meeting of Creditors?
https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/what-341a-meeting-creditors
– United States Bankruptcy Court (information