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Bankruptcy 341 Meeting of Creditors

January 6, 2012

What is a 341 meeting and why do I need to attend? A 341 meeting of creditors is required in every bankruptcy case. Can you opt out of this meeting? No, you must attend.

The purpose of the meeting is for you to testify under oath that all the documents you have filed in the case are truthful and accurate. This is also a chance for your creditors to show up and ask you questions under oath. It is the creditor’s choice as to whether or not they will attend the 341 meeting. Again the creditor has the choice to show up but you do not.

Here are some tips to a successful 341 meeting:

  1. Be prepared by reading over your petition before you attend the meeting.
  2. Tell the truth.
  3. Listen to the question asked and think about what was said.
  4. Answer the question with the facts. Just the facts. Do not tell the trustee what you think he/she wants to here.
  5. Don’t be afraid to say “I do not understand what you asking me.”
  6. Review the following questions as they may be asked.
  • State your full name for the record.
  • Is the address on the petition still your address?
  • Has your employment changed since the filing of the petition?
  • Did you read all the petition, schedules and all related documents before you signed them?
  • Are they accurate?
  • Are there any changes to bring to my attention?
  • Did you list all your creditors?
  • Did you list all your assets?
  • If this is a joint filing: Are you married? Are you married to each other? Were you married on the day of filing?
  • Have you filed all your tax returns for the last four years?
  • Do you have any domestic support obligations? Child support or alimony?
  • In a Chapter 7, have you followed through with your intention as outlined in your Statement of Intentions? Such as surrendering or keeping a home.
  • In a Chapter 13, have you sent in your first Plan payment?
  • Did you transfer to any individual or creditor $600 or more within 90 days?
  • Have you transferred $200 or more or any asset to any family member within the first two years?
  • Do you have a jewelry rider worth $1000 or more?
  • Do you have any 401(k) loans?
  • Do you have any retirement accounts?
  • Do you have any health savings accounts?
  • How did you come up with the value of your assets?
  • Have you ever filed bankruptcy before?
  • Have you taken a cash advance of $1000 or more within the last six months?
  • Does anyone owe you money?
  • Do you have any lawsuits?
  • Have you co-signed any loans that are not listed?
  • Do you have any inheritances at the moment?

The trustee may ask these questions and any other type of questions. The above questions represent the typical questions asked in the Kansas City, Missouri meetings. The key to a successful meeting is being prepared. The more familiar you are with your documents and your case the greater chance you will have a successful 341 meeting.

Remember that knowledge is power and the more knowledge you have about the bankruptcy process the more power you will have in obtaining a discharge.

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