Are You Prepared For Your 341 Meeting?

If you have engaged in bankruptcy services to get a fresh financial start, you know there are multiple steps in the process. One of the most critical steps is the required 341 meeting with your creditors. This meeting is a legal requirement for all applicants within the U.S. Bankruptcy Code. While this meeting can seem slightly overwhelming, preparation is the key. Here are a few things to remember when preparing for your appointment.

The 341 Meeting Is Mandatory

Your 341 meeting of creditors is an opportunity afforded by the U.S. Bankruptcy Code for the bankruptcy trustee and your creditors to question you about your case. A bankruptcy administrator conducts the meeting, although your trustee may fulfill this role. 

The people present will include the following:

  • You
  • Your bankruptcy attorney
  • Your trustee
  • Your creditors

Your spouse must also attend when you file a joint bankruptcy petition. While this meeting is mandatory for you, it is optional for your creditors, who may or may not be in attendance.

The meeting is typically scheduled 21 to 50 days after filing your petition. The meeting may be held in person or via video conferencing software. It is not an option to not attend. Failure to participate in this meeting can place your petition at risk of being dismissed. 

Remember You Are Under Oath

One of the first things a bankruptcy law service will advise you is to be truthful when you are under oath. The administrator will record the meeting, and any answer you give can come under scrutiny at any point during your bankruptcy case. If any party discovers you were untruthful, you risk a perjury charge. 

Keep Your Answers Short And Concise

Many people ramble on and on when they are nervous or under pressure. A 341 meeting is not somewhere you want to do this. Answer the questions but do not go into long, drawn-out explanations. Once you answer the question, if the trustee or creditor has additional questions, they will ask them.

If you do not know the answer to a question, feel free to say you do not know. Do not guess and give an answer that may be incorrect. 

You Must Confirm Your Identity

The administrator or trustee will ask you for confirmation of your identity. Come prepared with your identification, social security card, or other legal document containing this information.

Meet with your bankruptcy law service before your 341 meeting. Your attorney will review the expected questions in preparation for the upcoming meeting.