After you or your attorney have filed your bankruptcy petition, under either Chapter 7 or Chapter 13, you will be required to attend a meeting of your creditors. This meeting is called a "341 meeting" after the section in the bankruptcy code that requires it. 11 U.S.C. 341. The meeting is usually scheduled about 20 to 40 days after you file for bankruptcy.

Will my creditors be there?

Despite its name, a meeting of the creditors, you should know that creditors rarely appear at these meetings. The failure of the creditors to attend the meeting does not affect their right to challenge the discharge in a chapter 7 bankruptcy or to object to a payment plan in chapter 13.

The 341 meeting is not a test or an inquisition

either the trustee nor the creditors can take any action at the meeting that decides any question central to the case. It's strictly a fact-finding meeting.

Of course, if new or troubling facts come out at the meeting, the trustee or a creditor can file a motion or an adversary proceeding in the bankruptcy court for the judge's consideration.

You don't have to justify filing for bankruptcy. No rights are won or lost at the 341 meeting.

What happens at the meeting?

The meeting is presided over by a trustee. There is no judge, as the meeting is very informal and not the least bit adversarial. The meeting typically lasts about 3 or 4 minutes. It is not unusual for a trustee to hear 20 to 30 cases in a one hour period.

At the meeting, you will be asked to take an oath to tell the truth. Then you will need to state your name and current address for the record. The meeting will be tape recorded so you must speak clearly when answering any questions you are asked by the trustee. You may ask the trustee any questions you want at any time.

In addition to your name and address, the trustee will ask you to verify your social security number, check to see that you saw the petition and schedules before you signed them, make sure that you did in fact sign the documents yourself, question you about your property and the people you owe money to, verify your income and assets, and ask if there have been any significant changes since you filed. If there are any creditors present, they will have an opportunity to ask you questions as well.

If you have hired an attorney to represent you, he or she will be present with you at the meeting. In fact prior to the meeting, the attorney will discuss in detail the proceeding, the questions that will be asked, and will be able to calm any apprehension you might have about the hearing itself. That is why it is important that you retain a good bankruptcy attorney in your area, even though it is not necessary to have an attorney file the petition for you. file.