Bankruptcy Q & A: What Happens at My 341 Meeting of Creditors?


First, don't be afraid of your 341 hearing. Here's what you can expect.

In most cases, the only people who attend a 341 meeting of creditors are you, your lawyer, and a bankruptcy trustee -- or someone in place of your trustee -- who reviews your bankruptcy paperwork.

The 341 meeting will take only about 10 minutes because everyone is usually prepared and their documents are in order. The trustee or his assistant will have many of these meetings scheduled back to back.

In most cases, your bankruptcy lawyer will prepare you for your meeting of creditors. Your lawyer will give you a list of questions that you'll have to answer -- and tell you what to bring to the meeting. Other lawyers may give you this information by phone. Either way, you should review your documents in advance to make sure everything is correct. Don't wait to review the documents a few minutes before the 341 meeting. That is not the time to discover mistakes in your paperwork.

When you arrive for your meeting, a clerk or attendant will collect your documents and verify that you have the proper identification, including your Social Security card.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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