What should I expect at my upcoming 341 Meeting of Creditors?

If you file for bankruptcy under Chapter 7, you will probably have to make only one appearance during your whole case. At the meeting of creditors (called the "341 meeting," after its location in the Bankruptcy Code), the bankruptcy trustee may ask you questions, under oath, about your bankruptcy paperwork and your financial situation. Any creditors who show up may also ask you questions; however, it's often the case that no creditors attend, even though the meeting is named after them. Typically, the whole thing is over in just a few minutes. 

If you have a lawyer, he or she can help you prepare for the 341 meeting. If not, you should set aside some time before the meeting to review all of your paperwork, your tax returns, and any other documents you provided to the bankruptcy court. You should be prepared to answer questions about your debts and your property, particularly how you valued any property you claimed as exempt. For more on how to prepare and what to expect, see Questions to Expect at the 341 Meeting in Your Bankruptcy Case.