Chapter 7 341 Meeting
If you're contemplating a bankruptcy filing, you’ve probably heard of the Chapter 7 341 meeting, or the first meeting of the creditors. And you're probably wondering what role that meeting will play in your bankruptcy case.
To ask your Chapter 7 bankruptcy questions directly to a bankruptcy lawyer, please fill out this form. You can arrange a free, no-obligation consultation with an attorney near you.
The 341 Meeting in Chapter 7 Bankruptcy
Here's a look at some of the basic information you should know about the Chapter 7 341 meeting.
- What does "341" mean? The 341 meeting is so called because of the section of the Bankruptcy Code that requires it. It is also known as the first meeting of the creditors or the creditors' meeting.
- When is the 341 meeting? In every bankruptcy case (whether you file under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code), the 341 meeting occurs about 30 days after you file your bankruptcy petition with the court. The court will schedule the exact date of the meeting and let you know when it is.
- Who attends the 341 meeting? Your bankruptcy trustee (not a judge) will preside over the 341 meeting and you the filer are required to attend. Your creditors are invited to attend the meeting but may not do so – generally, their decision will depend on the specifics of your case.
- What do I do at the 341 meeting? Your main duty at this meeting is to attest under oath to the completeness and accuracy of the information you've provided about your assets, debts and income in your bankruptcy paperwork. You do not have to justify your decision to file for bankruptcy, only verify that you have been truthful on all of your bankruptcy forms.
- What else happens at the 341 meeting? If you've filed a Chapter 7 case and you have assets that are not protected under state or federal exemptions, your trustee may use the 341 meeting to determine what course of action to take and/or to get information about the potential liquidation of those assets.
- What happens if a problem is discovered at the 341 meeting? If your trustee or one of your creditors has reason to believe that some information in your bankruptcy schedules is fraudulent or misleading, they may file an adversary proceeding with the court, which would then be considered by a judge and could affect the terms of your bankruptcy case and/or discharge.
Learn More about the Chapter 7 341 Meeting from a Lawyer
If you're curious to know more about the legal requirements of filing for Chapter 7 bankruptcy or the inner workings of Chapter 7's 341 meeting, you can consult with a bankruptcy lawyer for more information. Simply fill out the form below to arrange a free, no-obligation consultation with an attorney near you today.