What is the 341 meeting of creditors?

The 341 meeting of creditors, also referred to as a “341 hearing” or “creditors’ meeting”, is a mandatory meeting that all persons seeking bankruptcy protection must attend. The meeting is administered by a trustee appointed by the United States Trustee’s Office and is held to provide creditors and debtors an opportunity to ask questions about a bankruptcy case. In Massachusetts, the 341 meeting of creditors is held outside the courthouse in a neutral venue such as a conference room or hotel. At the 341 meeting of creditors, the bankruptcy trustee presiding over the meeting will ask debtors about their finances. The debtors must provide accurate and complete information about their assets, liabilities, income, expenses, current financial situation, and income tax returns. The trustee may also ask questions about debts and other obligations. In addition, creditors are given an opportunity to ask questions about information provided by the debtors. The 341 meeting of creditors is an important step towards the successful resolution of a bankruptcy case. It is also the only opportunity creditors have to directly question debtors. Therefore, debtors should take the 341 meeting of creditors seriously and prepare for it accordingly. The debtor must appear in person or, in some cases, by telephone, and should be prepared to answer any questions the trustee or creditors have about their financial situation.

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What is the 341 meeting of creditors?

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