Definition
A section 341 meeting is a meeting of your creditors following a bankruptcy filing in which you reveal the basic facts behind your request for bankruptcy protection.
Analysis
A 341 meeting is an informal term used to describe a meeting of creditors. It is mandated by a section of federal law that is the source of the name (11 U.S.C. § 341).
This meeting of creditors usually is not attended by the actual creditors. Instead, it is normally a forum in which a debtor must answer questions under oath to explain the circumstances surrounding the bankruptcy petition. The meeting must take place between 20 and 40 days following the file date.
A qualified bankruptcy attorney can prepare you for a 341 meeting. That way, you can be ready to answer questions posed by the bankruptcy trustee as well as to provide necessary documentation that may be requested at the meeting.
It is not necessary to obtain representation from a bankruptcy attorney, and you may attend the 341 meeting without an attorney. However, due to the complexities of the bankruptcy process and the importance of including all relevant facts, it is recommended that you retain qualified legal counsel.
Related Links
US Trustee Program: Section 341 Meeting
