A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code. The purpose of a 341 meeting is to examine the debtor’s financial position and to confirm the facts stated by the debtor in the bankruptcy filing. Therefore, the debtor must attend the 341 meeting, and answer the questions made by the presiding officer under penalty of perjury. In Chapter 7, 12, and 13 cases, the bankruptcy trustee assigned to the case presides the meeting. In Chapter 11 cases, a representative of the United States Trustee conducts the meeting.
The 341 meeting also aims to help the debtor understand the bankruptcy proceeding and allows creditors and other interested parties to make questions about the debtor’s financial affairs. However, creditors are not required to attend the 341 meeting. Generally, the 341 meeting is scheduled between 20 days and 60 days after the debtor files for bankruptcy.
Although the bankruptcy trustee may ask discretionary questions related to the matters of the bankruptcy case, among others, the trustee will ask at least the following standard questions to the debtor:
- If the address on the petition is the current debtor’s address.
- If the debtor was the person who signed the petition, schedules, statements, and related documents of the bankruptcy filing.
- If the debtor read the petition, schedules, statements, and related documents of the bankruptcy filing before signing them.
- If the debtor is familiar with the information contained in the petition, schedules, statements, and related documents of the bankruptcy filing.
- If, to the best of the debtor’s knowledge, the information contained in the petition, schedules, statements, and related documents of the bankruptcy filing is true and correct.
- If the debtor identified all its assets and listed all its creditors in the bankruptcy filing documents.
- If the debtor had previously filed for bankruptcy.
[Last updated in November of 2021 by the Wex Definitions Team]