The Creditor's Meeting is intended to show the debtor has honestly stated their assets, debts and income for the bankruptcy filing. Debtors who do not attend the 341 Meeting may have their bankruptcy case dismissed.
The creditor's meeting or the 341 Meeting is a meeting of the creditors which generally occurs 25 to 40 days after the Bankruptcy Petition is filed. Attendees for the 341 meeting generally include the filer's attorney, the filer, the Bankruptcy Trustee and any creditor who wishes to attend.
Filers are required to attend the 341 Meeting, but creditors are allowed to file claims and object to discharges without attending the meeting. Creditors most likely to attend the meeting may include those who think they have been defrauded or who want to challenge discharges. Creditors may be given time at the 341 meeting to ask questions or may ask the court to require the filer to answer additional questions through a deposition.
The trustee can also ask questions in the 341 Meeting about the information documented on the schedules, the bankruptcy petition and the statement of financial affairs. Debtors must answer the questions truthfully under penalty of perjury. The questions asked and the meeting procedures can vary by district. The 341 Meeting is considered a fact finding meeting only for the creditors and the trustee. If issues arise from the 341 Meeting motions can be filed or Adversary Proceedings can be requested, and the bankruptcy judge can give the issues more consideration.
More Help on Creditors Meeting
- 341 Meeting - The meeting of creditors, which is also commonly referred to as the 341 Meeting, allows the creditors, the trustee and the United States Trustee to question the debtor under oath. - read more
- Adversary Proceedings - Adversary proceedings are a federal lawsuit within the bankruptcy process which is started by filing a complaint with the bankruptcy court against one or more defendants and is used to determine the validity of certain claims. - read more
- Bankruptcy Petition - The bankruptcy petition is an official form filed by the person who wants to begin the Bankruptcy process. - read more
- Bankruptcy Trustee - A bankruptcy trustee is not an employee of the United States (U.S.) federal government but is appointed by the U.S. Trustee, who is an employee of the Department of Justice. - read more