After you file for Chapter 13 bankruptcy protection you will make an important stop on the way to resolving your debt: You will attend the 341 meeting.
What kind of meeting is this and what will happen?
About the meeting
The 341 meeting is named after Section 341 of the United States Bankruptcy Code, which requires debtors to attend a meeting of their creditors. It is more accurately called a hearing although it takes place in a more informal environment outside of court. Here you will meet the trustee that the Office of the United States Trustee has assigned to administer your bankruptcy case.
Requirements to observe
The law requires you to attend the 341 meeting. If you fail to appear, the trustee could ask the court to dismiss your case. The trustee will ask you questions about your current financial circumstances and will want to become more familiar with your assets and liabilities in order to administer your case effectively. You must answer all questions truthfully under penalty of perjury.
Conversation with creditors
Your creditors may attend the 341 meeting. They can meet you face to face and ask about the state of your assets and details about the bankruptcy. However, creditors usually stay away since they do not give up any of the rights they have in the discharge of your debts if they do not appear.
A guiding hand
Your attorney will accompany you to the 341 meeting and provide the trustee with the required bankruptcy documents. You will only need to bring your photo ID and proof of your Social Security number to begin your journey to a more secure financial future.