A 341 Meeting, also commonly known as a meeting of creditors, is an opportunity for creditors and the bankruptcy trustee to ask the debtor questions. The meeting is called a 341 meeting because it is provided for in Chapter 11, Section 341 of the United States Code. Section 341 provides that a meeting must be held within a reasonable amount of time after filing. Commonly these meetings are set for approximately one month after the bankruptcy petition is filed with the court.
Section 341 also provides guidance to the trustee about what to ask the debtors. Among these include that the debtor is aware of the legal consequences of seeking a discharge, whether the debtor qualifies, and if the debtor understands the effect of reaffirming a debt versus obtaining a discharge of the debt. The trustee will generally ask about a debtor’s real and personal property. If the debtor owns a home the trustee is likely to ask the value of the home and how the debtor came to the value of the home. The trustee will also ask how much is owed against the home. The same questions will likely be asked regarding motor vehicles. The trustee may ask if the debtor is employed in the same capacity that he was at the time of filing.
Depending on what is listed in your schedules the trustee may ask follow up questions. For example, if a debtor lists a transfer of property or a business the trustee may want to know about those assets. The trustee may ask any questions and it is his job to ensure that if there is any property or money that should be turned over that it is in fact turned over to the bankruptcy estate.
The meeting of creditors provides an opportunity for the debtor to testify on the record concerning his or her bankruptcy petition and schedules. If there are any errors or omissions that have not been addressed the debtor should certainly mention the issues at this meeting. If there are errors or omissions the debtor may still need to amend schedules, however, it is imperative that this is mentioned at the creditors meeting. The bankruptcy petition and schedules are signed under penalty of perjury and testimony at the creditors meeting is offered under penalty of perjury.
The section 341 meeting, or meeting of creditors, is a very routine hearing that occurs in every bankruptcy case. Your attorney will be present with you and likely will have advised you of what to expect in advance. If you have any questions, or would like to schedule a consultation, contact a St. LouisBankruptcy Attorney Today.