What Happens at the Trustee 341 Meeting in Chapter 7 Bankruptcy?

Purpose

• The reason for a 341 meeting is for the trustee and the debtor's creditors to obtain relevant information about the debtor's finances, clarify questionable information, and to ask questions. The trustee and creditors may ask about the debtor's assets, liabilities, and any other information provided in the bankruptcy paperwork by the debtor. Most 341 meetings only take about 15 minutes to conclude. In most cases, a 341 meeting will not reveal any disconcerting information, but if it does, the trustee or a creditor can request an adversary proceeding.
  
  

Attendees

• Although allowed to be present, most creditors do not attend the creditors' meeting. The meeting typically consists of the trustee and the debtor. In circumstances where a creditor believes that the debtor engaged in fraud, the creditor may choose to attend the meeting. Most of the time, each creditor will only have a few minutes to question the debtor under oath. If evidence of fraud is present, the creditor may ask the trustee to conduct a deposition in order to obtain more information.
  
  

What Transpires

• A trustee will hold multiple 341 meetings on the same day. Because of the minimal amount of time allotted to each debtor, the trustee will only have time to ask a few questions. The trustee will ask both mandatory questions and other questions that may be specific to the Chapter 7 case. After the debtor swears in under oath, either a tape recorder or a court reporter will record the meeting.
  
  

Questions

• The following are typical questions a trustee will ask at a 341 meeting:
  
  • What is your name and address?
  • Did you include your assets on the schedules?
  • Have you filed for bankruptcy before?
  • Have you transferred or given property away within the last year?
  • Does anyone owe you money?
  • Have you made large payments over $600 to anyone in the past year?
  • Do you own a vehicle?
  
  

Documents to Bring

• The trustee will notify the debtor of what to bring to the 341 meeting. Each court will have different requirements, but in most cases, the debtor will need to bring several documents, including:
  
  • Photo ID
  • Social Security card
  • Tax returns
  • Bank statements
  • Checkbook
  • Bills
  • Deeds
  • Contracts