What is a 341 meeting?

A 341 meeting, also known as a creditors’ meeting, is a mandatory hearing that takes place in Virginia when an individual files for Chapter 7 bankruptcy. This meeting is presided over by a bankruptcy trustee and held in a public courthouse or meeting office. During this meeting, the debtor is required to answer questions under oath in regards to their financial circumstances and assets. The bankruptcy trustee will review the assets and liabilities of the debtor and decide if any assets are exempt from liquidation. The trustee will also identify any creditors who may be owed money and decide if any assets need to be sold to repay those debts. The creditors also have the opportunity to ask questions. If a creditor feels that the debtor has assets that should not be exempt from liquidation, like a second car or a holiday home, they may raise their objections at the 341 meeting. Ultimately, the trustee will make the decision on which assets can be liquidated to repay creditors. The 341 meeting usually lasts for about 10 to 20 minutes, although the timing may vary depending on the complexity of the case and the number of creditors involved. It is important that the debtor appears at the 341 meeting as failure to appear will likely result in the bankruptcy case being closed and the discharge of any debts being denied.

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What is a 341 meeting?

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