A 341 Meeting is a meeting of creditors we acquired and mandated by the Bankruptcy Code whereby a debtor will be examined under oath by a Chapter 7 trustee regarding assets and liabilities. The Chapter 7 trustee has the duty to examine the debtor and determine whether or not there are any assets that can be taken and sold by the trustee for the benefit of the creditors. The trustee will examine the debtor under oath and it will be recorded. The meeting should last anywhere from 2 to 7 minutes and the debtor should not be shocked by any of the questions at the 341 Meeting. The trustee is going to want to ask if the debtor listed all of their assets, all of their liabilities and did they answer truthful questions to their statement of financial affairs. In 99% of Chapter 7 bankruptcy cases, there are no assets to administer and the trustee makes a finding of no assets. In some cases, it will be a shock to the debtor, the debtor’s attorney and to the trustee to find out that the debtor has some form of property that they did not list on their schedules.
Creditors also have the ability to ask questions briefly at the meeting. If a creditor wants to hold a separate meeting, they can bring a motion for a 2004 Examination and examine the debtor separately.
Chapter 7 bankruptcy cases involving the 341 Meeting of Creditors typically goes off without a hitch. The debtor should bring a photo ID and proof of their Social Security card to that Meeting of Creditors.
