The “341 meeting” or the “creditors’ meeting” is a statutorily required meeting held within 20-40 days after the debtor files for Chapter 7 Bankruptcy. The debtor is strictly required to attend this meeting along with the court appointed bankruptcy trustee and the creditors. This meeting is intended to give the creditors and the trustee an opportunity to ask any questions to the debtor they may have. However, in reality, few creditors attend or ask any questions.
The creditors’ meeting is not designed to harass the debtor but to know his actual financial condition through questionnaires and is a necessary procedure to complete the bankruptcy.
If you are going to file for bankruptcy, you have to attend the 341 meeting of creditors and answer the questions asked by the bankruptcy trustee. Even though if you are a married couple and filing for either Chapter 7 or 13, you have to sit for the meeting of the creditors. Below listed are the most common questions that are usually asked by the bankruptcy trustee. However, it is not necessary that the trustee will ask all the questions. He may ask anything else apart from the listed ones or limit them to only a few after reviewing the documents you submitted prior to the meeting.