What's Involved in a 341 Meeting?

A 341 meeting in a Chapter 7 bankruptcy takes place within 5-6 weeks from the day the bankruptcy petition is filed.

The meeting provides a gather place for potential creditor objections and the Trustee to question the debtor regarding the following:

• Why is the debtor filing for bankruptcy
• When did debtor fall behind in payments to creditors
• Whether debtor ever held any real estate interest in property and if so, how much was the property purchased for and what happened to it
• Did debtor transfer any property to family members or others within the past two years? (Trustee may extend the period of time if he or she is compelled to do so.)
• If anyone holds property for the debtor
• Whether debtor paid outstanding debts to unsecured creditors (often credit cards) for more than $600 within the past 3 months
• Whether debtor’s income tax was filed for the past year. If so, when.
• Whether debtor is receiving life insurance proceeds or an inheritance within 6 months of the filing date
• Whether debtor holds a bank account and the balance of the account
• Whether debtor owns an automobile. Is it insured and is there a loan on the vehicle.
• Whether debtor owns any life insurance policies and the face value of it
• Whether debtor is engaged in a pending lawsuit
• Whether debtor has owned a business within the past 6 years