What is a 341 meeting?

A 341 meeting, also called the Meeting of Creditors, is a required step in Chapter 7 bankruptcy proceedings that takes place in Illinois. This meeting is attended by the debtor filing for bankruptcy, their trustee, and any creditors that have chosen to attend. During the meeting, the debtor is under oath and must answer questions about their finances and any assets they own under the questioning of the trustee. The purpose of the meeting is to give the trustee a chance to verify the accuracy of the debtor’s bankruptcy paperwork. The meeting also gives creditors a chance to ask questions about the debtor’s finances and assets. Creditors rarely attend these meetings as they are typically unsecured debts and the debtor has their assets protected by the bankruptcy process. The debtor must bring a valid form of identification and financial documents, including recent pay stubs and tax returns, to the 341 meeting. The meeting typically lasts for about fifteen minutes and is usually conducted at the courthouse or bankruptcy trustee’s office. After the meeting is finished, the trustee will report the results to the court and the debtor will be able to move forward with the bankruptcy process.

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What is a 341 meeting?

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