Whether you file a Chapter 7 or Chapter 13, you will be required to attend a 341 Meeting.  A 341 Meeting is also called a Meeting of Creditors.  The meeting is typically set 30 days after your case is filed. The Meetings are not held in an actual court room and the Judge is not present.

At this meeting you will meet the Trustee who has been assigned to your case.  Typically the trustee sits at the head of the table and has a tape recorder to preserve the hearing for the court’s records. And you will not be alone–an attorney from O’Bryan Law Offices will be right by your side at the table.  The trustee will have you raise your right hand and have you swear to tell the truth (put you under oath) just like in any court case where you will be testifying.  Then the questioning begins by the Trustee.

Let me stop you right here because this is where your palms start to sweat and your heart is beating 100mph.  I have never witnessed a client pass out, throw up, suffering a stroke or heart attack or any other ailment while under questioning.  In fact, the response I usually get from clients after it is over is “Was that it?”  That is because you are simply asked questions about the information you have provided about your financial information.  Who knows the answers better than you! And the trustee is not there to shame you because you have filed bankruptcy.  While they are looking at your assets to see if you have anything that could be used to pay your creditors, they are there to help you and do not pass judgment other than if you have assets, no assets, if your plan will pay out, etc.

And it wouldn’t be called a Meeting of Creditors if your creditors were not invited.  All creditors have notice of the meeting but most do not appear.  The majority of the cases I cover in Chapter 7 do not have any creditors appear.  It is more likely in a Chapter 13 but is still a low number that actually come to the meeting.  If a creditor appears, that does not mean your stomach should sink.  Usually, it is a creditor on a home or vehicle which appears and will ask you information regarding insurance and your intentions as to keeping or surrendering the secured item.  

The typical meeting lasts about 5 minutes or less.  You spend a lot more time waiting your turn than you do actually in the meeting itself.

It is normal to be nervous of the unknown but I hope this information puts your mind at ease.  Literally, if you need someone to hold your hand, we will be happy to do that too.