Meeting of Creditors
Prepare for and Attend Section 341 Meeting of Creditors
Section 8 of "The Chapter 7 Bankruptcy Process"
Within a few days after filing a bankruptcy petition with the Court, you will receive a document from the bankruptcy clerk's office entitled "Notice of Chapter 7 Bankruptcy Case, Meeting of Creditors, & Deadlines". All creditors and other entities listed in your creditor matrix will also receive this same notice.
This notice is very important and should be filed away in a safe and accessible place. The notice does the following:
- provides your bankruptcy case number and filing date
- provides the name and contact information for your Chapter 7 bankruptcy trustee
- sets forth the date, time and location of your Section 341 meeting of creditors
- notifies your creditors that most collection efforts must stop due to the automatic stay
- provides other deadlines, including the deadline to file a complaint objecting to discharge
When you receive the notice, you should take the following steps:
1. Review the name and the law firm of the Chapter 7 bankruptcy trustee.
Review your records to make sure you never retained the trustee or his firm to assist you in any matter, as well as verify that the trustee and his firm have never represented an opposing party's interest, such as a collection action, against you. Notify your attorney immediately if you discover a conflict. The trustee will then need to reject the case and it will be reassigned to another bankruptcy trustee. This will also change the date and time of your Section 341 meeting of creditors.
2. Review the notice for any actions that must be taken by you prior to the creditors' meeting.
If the notice states that the presumption of abuse arises or that insufficient information has been filed to make a determination regarding presumption of abuse, contact your attorney.
Also, some jurisdictions use the notice to list documentation and other information that must be turned over to the Chapter 7 bankruptcy trustee prior to the Section 341 meeting. Make sure that this information is provided to the trustee as soon as possible, and well in advance of the meeting date.
3. Mark the date, time and location of the Section 341 meeting on your calendar and verify that there are no scheduling conflicts.
You must make arrangements with your employer to take time off of work, as well as to reschedule other appointments, in order to attend the creditors' meeting. If necessary, provide your employer with a copy of the notice as proof of your required Court appearance.
Contact your attorney immediately if you have a valid scheduling conflict. Your trustee usually only has one or two days a month scheduled for conducting 341 meetings, and therefore, rescheduling can be difficult. Also, if the meeting of creditors is rescheduled, your attorney must notify all parties on your creditor matrix of the new date and time. Your attorney will likely require that you pay an additional amount for this added expense.
4. Make sure you have a valid form of Social Security Number and picture identification.
At the Section 341 meeting of creditors, your case trustee will examine your picture identification and verify that the Social Security Number listed on the Statement of Social Security Number previously filed with the Court is correct.
For picture identification, usually a state-issued driver's license or ID card is best.
To verify your SSN, your bankruptcy trustee will need to review your original (not a copy) Social Security card. In lieu of a Social Security card, your trustee may also accept an original W-2 form from your current employer or an original health insurance card with your SSN.
The trustee will not accept your driver's license or a copy of your tax return as valid proof of SSN.
If the bankruptcy trustee is unable to verify your information or if the information provided to the Court is wrong, the Section 341 meeting of creditors will be continued to another date. Depending on the reason for the continuance, other instructions may also be provided.
5. Read the Bankruptcy Information Sheet.
At the Section 341 meeting, your Chapter 7 bankruptcy trustee must verify on record that you have received and read the Bankruptcy Information Sheet. Your attorney should have already provided this document to you. Click here to obtain a copy of the Bankruptcy Information Sheet.
6. Arrive early to the Section 341 meeting.
Double check the date and time of the meeting of creditors. Also, verify the location. Plan to arrive early. Factors, such as parking and traffic, may cause delays and should be considered.
If you fail to arrive on time (or not at all), the bankruptcy trustee will either reschedule the 341 meeting or file a motion to dismiss. It is unlikely that you will be able to convince the trustee to conduct the meeting if you are tardy. Not only does the trustee have a full day of hearings to keep on time, but your attorney and any creditors that appeared may have left in your absence.
7. Answer all questions honestly.
341 meetings generally only take about five minutes. You will be questioned under oath, and your testimony will be electronically recorded. In most Chapter 7 cases, very few, if any, creditors attend. If any creditors attend, they will be allowed to examine you under oath after the trustee has completed his or her questioning.
As stated earlier, it is a good idea to arrive early. This gives you the opportunity to observe the questioning process before it is your turn. The trustee has a list of required questions that he must ask every debtor. Your trustee also prepares a list of questions based on his or her review of the bankruptcy documents.
If, after listening to other meetings, you have reservations about your 341 meeting, pull your attorney aside to discuss your concerns. Also, during the course of your hearing, ask for clarification if you do not understand a question. Most importantly, relax - as long as you are honest, cooperative and respectful, your meeting of creditors should go smoothly.
8. Comply with the bankruptcy trustee's request.
At your meeting of creditors, your case trustee may also request that you send him or her additional documentation or that you turn over certain nonexempt assets. Your trustee will probably send you a follow up letter with these same requests. However, whether or not you receive a follow up letter, make sure you supply the trustee with all requested items as quickly as possible.
Contact your attorney with any questions or concerns.
This page is Section 8 of the following 13-part article:
- Introduction to Chapter 7 Bankruptcy
- Investigate Alternatives
- Attend Pre-Bankruptcy Credit Counseling
- Select an Attorney
- Attend Initial Consultation
- Complete Bankruptcy Questionnaire
- Finalize and Sign Bankruptcy Documents for Filing with Court
- Prepare for and Attend Section 341 Meeting of Creditors
- Attend Pre-Discharge Bankruptcy Education Course
- Turn Over Nonexempt Assets to Case Trustee
- Distribution of Nonexempt Assets to Creditors
- Receive Discharge
- Order Closing Case
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