When you decide to file for bankruptcy, you resolve to vanquish the debts that have taken over your life.
Soon after filing, you will attend the 341 meetings, an important stop on your journey to a debt-free future.
What it is
The 341 meeting gets its name from Title 11, Section 341 of the United States Bankruptcy Code. Also called the meeting of creditors, it is here that debtor and creditors can meet face-to-face. If they attend, your creditors can ask you questions about your bankruptcy case. However, they rarely appear since the decision to stay away from will have no bearing on their standing.
From your perspective, the 341 meetings will be important for your introduction to the trustee from the Office of the U.S. Trustee who will take charge of your bankruptcy case. To become familiar with your circumstances, and, to administer your case as efficiently as possible, the trustee will ask questions pertaining to your financial condition. You must answer these questions truthfully under penalty of perjury. The trustee will also ensure that you understand both the positive and negative aspects of filing for bankruptcy.
Importance of attending
The 341 meeting takes place outside of court and no judge will be present. Your attorney will accompany you and provide any documents the trustee will need to begin work on your case. It is important that you attend this meeting when scheduled. If you fail to do so, the trustee can ask the court to dismiss your bankruptcy case and hold you in contempt. This is a short but important meeting, and attending is an important first step on your journey to a debt-free life.