At 45 to 60 days after filing for bankruptcy is the 341 meeting. This is where all creditors have the opportunity to present objections to the trustee hearing the case. It is also the point where the filer affirms their petition and starts winding down the clock on their case. It gets its name from the part of the bankruptcy code that requires the meeting.
What to Expect at the 341 Meeting
The trustee for your case will have been assigned to you at the time of filing. This will be the first time the two of you meet face to face, and possibly the last in some situations. As the trustee is acting as an agent of the court, you are held to the same standards as if you were testifying in an actual court room. You will be sworn in by giving your name, a form of personal identification and your Social Security card. All testimony will be recorded, so be sure to speak clearly.
Once the swearing in is out of the way, you will be a few minor questions about residency. From there the trustee will start asking you questions about the contents of the schedules.
Some of the questions asked are:
- Did you sign all of the documents on your own? This is a shorthand version of the actual question. It is to verify that no one forged your signature.
- Did you read all of the documents? Again, this is to verify that you were not hoodwinked into doing something by someone else.
- Have you previously filed bankruptcy? State yes or no, and provide the case information if you have filed before.
- Do you pay or receive any alimony or child support?
- Do you own or have an interest in any real estate?
What actual questions asked are dependent on your bankruptcy situation. A trustee has discretion in choosing which questions they will ask.
The actual process will be short and to the point. If there are questions about the information provided, the trustee will ask for the information to be supplied at a later date in the bankruptcy. Whether this will add time on to the process will differ from case to case.
Your Lawyer's Role at the Meeting
An attorney is present at the meeting in order to present any objections to the questions or to present evidence if necessary. They are your advocate and are there to protect your interests. Most of the time they will simply be there to support you when needed and to prep you beforehand. You may have a harder time if you haven't hired a lawyer by the time you reach the meeting. Don't be sorry later and make sure that you have an attorney on your case by the time you file.
