Everything You Wanted to Know, But Were Too Afraid to Ask: 341 Meeting of Creditors

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Written by Tina Tran, Esq.  
Updated December 4, 2019

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In this article and video we will be walking you through what goes on in a typical 341 Meeting of Creditors, and hopefully help calm your nerves! It’s going to be okay! We promise.

First thing that happens is that you’ll be entering a room, where you’ll see many people who are there for the same reason you are. Before sitting down, make sure to sign in if required. Most of the time, you will not need to sign in, but it doesn’t hurt to ask to find out for sure.

While you wait for your name to be called, make sure you read the Bankruptcy Information Sheet. You’ll be asked whether you’ve read it later. Most locations have copies of this document for you to take and review when you first get there.

When your name is called, and you sit to meet with your trustee, the first thing you’ll be asked for is your photo ID and social security card. If you don’t have both, the meeting will likely not take place and you’ll have to come back at a later date. Make sure to bring both to avoid any delays!

Before the trustee begins asking you questions, you’ll be required to raise your right hand, and confirm under oath that you will tell the truth. It’s very important that you are 100% honest during your Meeting of Creditors.

Most, if not all of the questions you’ll be asked will be “yes or no” questions. Answer with “yes or no” and speak clearly. You will be recorded. Make sure to wait until the Trustee finishes asking the question before you answer, even if you know what the answer will be before they finish asking.

Your trustee can ask you about your assets, income, expenses, and anything else relevant to your bankruptcy paperwork. Their main job is to make sure everything on your paperwork is correct and accurate, and that you’re not hiding property of any sort that can be sold for the benefit of your creditors.

On average, these meetings last about 15 minutes or less. As long as you are honest, you’ll be just fine. 

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Sample Script: 

[Trustee asks for photo ID and social security card]

[Debtor hands Trustee photo ID and social security card]

Trustee: I can confirm that your ID and social security number match the information on your petition. Now, let’s begin. We are here to convene the meeting in case ____________ and sitting in front of me is the debtor.

Trustee: Please raise your right hand, and confirm that you will tell the truth, and nothing but the truth.

Debtor: Yes, I will.

Trustee: You can put your hand down now.

[Trustee shows Debtor the signature pages]

Trustee: I am now showing you your signature pages, is this your signature?

Debtor: Yes. 

Trustee: Did you read the petition, schedules, statements and related documents before you signed them?

Debtor: Yes.

Trustee: Are you personally familiar with the information contained in the petitions, schedules, statements, and related documents?

Debtor: Mhm hmm. I mean, yes.

Trustee: Is the information contained in the petition and all accompanying documents true and correct?

Debtor: Yes

Trustee: Are there any errors or omissions that you are aware of at this time?

Debtor: No

Trustee: Did anyone assist you in completing your petition and Schedules?

Debtor: Yes, a non-profit that provides free assistance.

Trustee: Have you identified all of your assets on Schedules A and B?

Debtor: Yes. 

At this point, the Trustee can ask about your assets. The Trustee’s main job is to make sure everything in your paperwork is correct and accurate.

Trustee: Do you own, or do you have any interest whatsoever in any real estate anywhere in the world?

Debtor: No.

Trustee: Have you made any transfers or property or given any property away within the last one-year period worth over $600?

Debtor: No.

Trustee: Have you been injured in any way for which you expect to sue for?

Debtor: No.

Trustee: Do you have a claim against anyone or any business?

Debtor: No

Trustee: Are you entitled to any inheritance or life insurance proceeds because someone has died?

Debtor: No

Trustee: Does anybody owe you any money?

Debtor: No. I wish!

Trustee: Is anybody holding property for you?

Debtor: No.

Trustee: Are you holding property for anyone else?

Debtor: No.

Trustee: Do you have any domestic support obligations, such as child support or alimony?

Debtor: No.

Trustee: Have you completed your financial management course (course 2)?

Debtor: Yes.

Trustee: You have sent me your tax returns and your most recent paystubs. I will conclude this meeting.

Debtor: That wasn’t bad at all! What happens now?

Trustee: I can’t give you legal advice, but most bankruptcy filers receive their Chapter 7 bankruptcy discharge about 2 to 3 months after their meeting. 

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