What is a 341 meeting of creditors?
When you file for bankruptcy, the bankruptcy court will automatically schedule a meeting with the Trustee, called a “341 meeting” or a “meeting of creditors”. The 341 meeting of creditors is a time for the Trustee to interview you. The Trustee will be attempting to verify certain information in your bankruptcy petition and schedules and determine whether there are any assets that need to be administered.
Most of the time the Trustee asks the same standard questions at the 341 meeting of creditors. You can expect to be asked some or all of the questions below.
Potential 341 meeting of creditors questions:
- Did you review and sign your bankruptcy petition and schedules before you signed them?
- Is all of the information in your bankruptcy paperwork complete and accurate to the best of your knowledge?
- Are there any changes or omissions that you wish to bring to my attention?
- Did you list all of your property?
- Are all of your creditors listed in your bankruptcy schedules?
- Have you filed for bankruptcy in the last eight years?
- Are you obligated to pay alimony or child support?
- Do you have any unresolved military obligations?
- Have you filed all of your tax returns that have come due?
- Have you given away or transferred any property to a friend or family member within the last two years?
- Have you made payments to any creditors of $600 or more in the 90 days before you filed bankruptcy?
- How did you value your property?
Because you already know all the information that went into your petition, it is very unlikely that the Trustee would ask you any question that you cannot answer. Your bankruptcy attorney will be there with you, too. Do the best that you can, answer the Trustee’s questions at the 341 meeting of creditors as accurately and fully as you can, and you should be in good shape.
The Hawaii Bankruptcy Court also has some information about the 341 meeting of creditors: http://www.hib.uscourts.gov/resources/ProSe/Schedule341.htm