What is a 341 meeting?

341 meetings are important because they provide an opportunity for the bankruptcy trustee and creditors to ask the debtor questions about their financial affairs, assets, and liabilities. This information is crucial for determining the best course of action for the bankruptcy case, including whether the debtor is eligible for a discharge of their debts or if the case requires further investigation.

A 341 meeting entails:

• Meeting with the bankruptcy trustee. The debtor will meet with the bankruptcy trustee who will ask questions about their financial affairs, assets, and liabilities.

• Swearing under oath. The debtor will swear under oath to tell the truth and to provide accurate information during the meeting.

• Questions from creditors. Creditors may attend the meeting and may ask questions about the debtor's financial affairs or assets.

• Brief duration. The meeting is typically brief, lasting only a few minutes.

• Review of documents. The trustee may review and ask questions about any documents related to the bankruptcy case, such as tax returns, bank statements, or loan documents.

• No judge present. Unlike a court hearing, there is no judge present during a 341 meeting.

• Attendance. The debtor is required to attend the 341 meeting, and failure to attend can result in the dismissal of the bankruptcy case.