What happens at a 341 meeting of creditors?

Picture of 341 Meeting of Creditors

With each Chapter 7 bankruptcy filing in Arizona, a Chapter 7 bankruptcy trustee is appointed from a panel to administer the case. Among other things, the trustee’s job is maximize the value of assets available for distribution to creditors, and investigate fraud, assets, and transfer issues.  The 341 meeting of creditors is the trustee’s opportunity to ask the bankruptcy filer questions under oath regarding the documents filed in the case and case issues.

341 Meeting of Creditors

Despite its name, creditors rarely show-up to the 341 meeting of creditors, and the meeting usually lasts about five minutes.  Typically, a Chapter 7 bankruptcy trustee will ask some variation of these standard questions at the 341 meeting of creditors:

Do you solemnly swear or affirm to tell the truth, the whole truth and nothing but the truth?

Have you read the bankruptcy information that I sent to you in the mail?

How long have you lived in Arizona?

Have you previously filed for bankruptcy in the last eight years?

Have you read the bankruptcy schedules filed in your case?

Did you sign your bankruptcy schedules?

Is the information listed in your bankruptcy schedules true and accurate?

Did you list everything that you own in your bankruptcy schedules?

Did you list all of your creditors in your bankruptcy schedules?

Are you expecting to receive any money by an inheritance?

Do you hold any litigation or personal injury claims?

Do you owe any child support or domestic support obligations?

Are there any creditors present?

Usually after asking these basic questions, a trustee will ask questions specific to the bankruptcy filer’s case. And, to the extent that any creditors are present, creditors are permitted to ask questions as time permits (usually less than ten minutes). In Phoenix, 341 meetings of creditors are conducted in the U.S. Trustee meeting room, Suite 102.

A bankruptcy filer’s attorney should attend the meeting and help to ensure that the 341 meeting of creditors goes smoothly. Accordingly, it is important to hire an experienced Phoenix bankruptcy attorney that has a good working relationship with the bankruptcy trustees.

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