The Debtor's Examination and Filing Bankruptcy

341 Meeting

• The bankruptcy code requires consumer debtors to attend a debtor’s examination. The debtor’s examination is more popularly called a 341 meeting. The name "341 meeting" comes from the fact that Section 341 of the bankruptcy code created the debtor examination requirement. 341 meetings typically occur within 20 to 40 days of the debtor’s bankruptcy filing date. Generally, the bankruptcy trustee presides over the meeting.
  
  

Trustee

• The bankruptcy trustee typically controls the 341 meeting. Once the debtor files bankruptcy, the court assigns a trustee to administer the case. The trustee’s responsibilities include, but aren't limited to, reviewing the petition for fraud or inaccuracy and protecting the best interests of the creditors. During the 341 meeting, the trustee swears the debtor in, verifies his identity and asks questions pertaining to the bankruptcy petition. The trustee isn't a judge — the bankruptcy code prohibits judges from attending the 341 meeting.
  
  

Creditors

• Bankruptcy law allows a creditor or its representative to fully participate in the 341 meeting. A creditor may ask questions about information in the bankruptcy petition and raise issues concerning information it believes debtors left out of the petition. In cases where the debtor has little or no assets, the creditors may decline to attend the 341 meeting.
  
  

Expectations

• The typical 341 meeting is held in open court. This means that the privacy you might expect for information as sensitive as your financial situation doesn’t exist. Jurisdictions may hold 341 meeting in courtrooms, or they may hold them in regular meeting rooms, depending on the jurisdiction. Remember that the individuals in the room are mostly all there for the same reason. The trustee calls each debtor to the front of the room for his individual examination. The duration of a person’s exam may be as short as 10 minutes or as long as 45 minutes, depending on the trustee and the debtor.
  
  

Warning

• Show up to your 341 meeting. As a general rule, the 341 meeting is a mandatory part of the consumer bankruptcy process. Failing to attend the meeting may result in the bankruptcy court dismissing your case. Also, be truthful: The trustee conducts a 341 meeting only after she has first placed you under oath. Giving false information may result in your case being dismissed, large fines and prison.