What happens at the 341 meeting of creditors?

What is the 341 meeting, and when is it held?

It is the meeting the Bankruptcy Code requires in every case, where the trustee and any creditors who attend question the debtor under oath about their finances. The bankruptcy judge may not preside at it or attend it.2 3 4

Your exact date, time and connection details come in the 341 meeting notice from the court. The U.S. Trustee Program tells debtors to follow the instructions in that notice and any additional instructions from the trustee.4 1

What do you need to do before the meeting?

Most of the work happens before the day itself.

1. Send the trustee your identification and financial documents at least 14 days before the meeting, or within whatever timeframe the trustee requests: a clear copy of your government-issued photo ID, evidence of your Social Security number, evidence of current income such as your most recent pay advice, and statements for each bank and investment account covering the period that includes your filing date.1 7
2. Give the trustee a copy of your most recent federal income tax return, or a transcript, no later than 7 days before the date first set for the meeting. If you do not, the court must dismiss the case unless the failure was beyond your control.8 4
3. If a document does not exist or you do not have it, give the trustee a written statement saying so.1 7
4. Read your petition and schedules again. You will be answering questions about them under oath.1
5. Write down anything that has changed since you filed, such as a new job, a lost job or money you received, so you can tell the trustee.

What will the trustee ask you?

The trustee puts you under oath and asks about the paperwork you filed. You may also be asked about your property, debts, income and expenses.1 4

Every trustee works from a required list set by the U.S. Trustee Program: your name and address, your ID, whether you signed and read your papers, whether they are true and complete, whether all assets and creditors are listed, any earlier bankruptcy, your employer, your tax return, any domestic support obligation, and whether you read the Bankruptcy Information Sheet. The trustee must get an answer to the substance of each one on the record. Our guide to the 341 meeting without a lawyer goes through each question.9

In a Chapter 7 case the trustee must also make sure you understand certain consequences of the case: the effect on your credit history, your ability to file under a different chapter, the effect of receiving a discharge and the effect of reaffirming a debt. Some trustees hand this out in writing at or before the meeting.3 4

In a Chapter 13 case you also answer questions about the proposed terms of your repayment plan. Problems with a plan are typically resolved during or shortly after the meeting.5

Creditors may join the meeting and ask questions too.4 1

How should you answer?

You are under oath, so the only rule that matters is to tell the truth. A few habits make that easier.1

• Answer the question that was asked, briefly and accurately.
• If you do not know, say so and offer to find out. Do not guess.
• If something in your papers is wrong or has changed, say so yourself instead of waiting to be asked.
• Cooperate with requests for records. The federal courts say it is important to cooperate with the trustee and provide any financial records or documents the trustee requests.4 1

Who has to be there?

You must attend and answer questions. If you and your spouse filed a joint petition, both of you must attend.4 1

The trustee runs the meeting. The judge is kept out of it by law, so nothing about your case is decided by a judge at this meeting.1 3 4

If you cannot attend on the scheduled date, contact the trustee as soon as you know.

What if the meeting is continued to another date?

The official who presides may adjourn the meeting to a later date by announcing the date and time it will resume. Find out exactly what the trustee still needs, provide it, and attend on the new date.10

What happens after the meeting?

Several clocks run from the meeting.

• In Chapter 7, the U.S. trustee reports to the court within 10 days of the meeting on whether the case should be presumed to be an abuse under the means test.4
• Objections to the property you claimed as exempt may generally be filed within 30 days after the meeting concludes.11 12 13
• In Chapter 7, if you have a car loan or other secured debt, you must carry out the choice in your statement of intention within 30 days after the first date set for the meeting.8
• You still need to complete the debtor education course, which is generally required to receive a discharge.14
• In Chapter 13, you, the trustee and any creditors who wish to attend go to court for the hearing on your plan.5