341 Meeting: What It Is, How It Works, Example

A 341 meeting, or “meeting of creditors,” is a required step in a bankruptcy proceeding—most commonly Chapter 7. Named for section 341 of the U.S. Bankruptcy Code, it gives the court-appointed trustee and any attending creditors an opportunity to question the debtor, verify documents, and confirm facts before the case moves forward.

Key takeaways

• A 341 meeting typically occurs about one month after a bankruptcy filing.
• The debtor and the court-appointed bankruptcy trustee must attend for the meeting to be valid; creditors and lawyers may attend but are not required.
• The meeting’s purpose is to verify the debtor’s identity and financial information, collect any missing paperwork, and detect inconsistencies or fraud.
• Most 341 meetings are held at the trustee’s office rather than in a courtroom.

How a 341 meeting works

1. Trustee review before the meeting
2. The trustee reviews the debtor’s bankruptcy petition and supporting financial records before the meeting.
3. Purpose of the meeting
4. The trustee asks the debtor to confirm identity, assets, liabilities, income, expenses, and any other financial disclosures already submitted.
5. Creditors who attend may ask questions about undisclosed assets or potential future income (for example, tax refunds or inheritances) and may discuss repayment possibilities.
6. The meeting enables the trustee to request additional documentation or follow-up if anything is unclear.
7. Fraud detection
8. Discrepancies between documents and testimony can reveal attempted bankruptcy fraud; the trustee can pursue further investigation if needed.
9. Location and formality
10. 341 meetings are generally informal and held at the trustee’s office, not in front of a judge. Attorneys may attend but are not required.

Real-world example

A trustee named Robin presides over a 341 meeting for a debtor who filed over a $5,000 debt. Robin had already reviewed the debtor’s paperwork and uses the meeting to verify identity and ask follow-up questions. The debtor’s and creditor’s lawyers attend and clarify assets, liabilities, and income. The parties negotiate a general plan for repaying the debt. Because Robin identified no major inconsistencies, the meeting proceeds without court involvement.

Frequently asked questions

Q: What happens if I don’t attend my 341 meeting?
A: Failure to appear can result in dismissal of your bankruptcy petition. If married and filing jointly, both spouses must attend.

Q: When does a 341 meeting take place?
A: It typically occurs between about 21 and 50 days after the bankruptcy filing, allowing the trustee time to review submitted documents.

Q: Who must be present at a 341 meeting?
A: The debtor and the trustee are legally required to attend. Creditors and attorneys may attend and ask questions, but their presence is not mandatory.

Bottom line

The 341 meeting is a key early step in bankruptcy proceedings that lets the trustee verify the debtor’s identity and financial disclosures, gather any missing paperwork, and surface potential issues before the case advances. Attend as required, bring requested documents, and be prepared to answer questions about your finances.