The 341 Meeting of Creditors
Between 21 and 40 days after a bankruptcy case is file with the court, a meeting of creditors will be held before. This meeting is called a â€œ341 Meetingâ€ (referring to the applicable section of the Bankruptcy Code) or the â€œMeeting of Creditorsâ€ and is conducted by the Chapter 7 Trustee who is appointed to, among other things, examine the bankruptcy petition and oversee the 341 Meeting. During the 341 Meeting, the debtor is placed under oath, and both the trustee and creditors may ask questions about the debtorâ€™s financial affairs including his or her assets, income and debts. In most cases, no creditors show up to ask questions and the Trusteeâ€™s questions last for only a few minutes.
Bankruptcy laws require the trustee to ask the debtor questions at the 341 meeting to make certain that the debtor is aware of the potential consequences of seeking a bankruptcy discharge and to ensure that all assets, income and property have been disclosed.
In most cases, the 341 meeting is the only time a debtor will make an appearance before a court or the Trustee.
If you have questions or concerns about the 341 Meeting, we urge you to contact The Law Offices of Robert J. Nahoum, P.C. today by calling 845-232-0202.
This Law Offices of Robert J. Nahoum, P.C. is a Debt Relief Agency. We assist individuals to become debt free through Bankruptcy.