Bankruptcy & Depositions

Debtor's Deposition

• A debtor's deposition is sometimes called a "341 meeting" because that's the part of the bankruptcy code that specifies the requirement. During the deposition, you answer questions from the trustee and creditors about your finances. You're placed under oath and information you give is subject to a perjury charge if it's false. It usually occurs about 20 to 40 days after you file your petition and takes about 15 minutes.
  
  

Purpose

• The purpose of the deposition is to verify that the documents you submitted when you filed for bankruptcy are accurate and truthful. In a Chapter 7 bankruptcy, the trustee is verifying that you have no assets that could be sold to pay your debts to creditors. In a Chapter 13 bankruptcy, the trustee is trying to verify that your repayment plan is fair to you and your creditors.
  
  

Who Attends

• You must attend your bankruptcy deposition. If you have a lawyer, he can attend with you, not instead of you. There's no judge at the meeting, but a bankruptcy trustee presides over the deposition. Your creditors or their representatives may appear at the meeting, but it's not required. It's common for bigger companies to not send anyone at all. A court reporter may attend.
  
  

How to Prepare

• The most important preparation technique for your bankruptcy deposition is to take all the information pertaining to your petition. Bring copies of your filings, such as your debt repayment plan if you're filing Chapter 13 bankruptcy. Come dressed professionally and arrive on time.