Question 1

What is a Section 341 meeting?

Accepted Answer

Section 341 (11 U.S.C. 341) requires a "meeting of creditors" in every bankruptcy case. The debtor must: appear in person and testify under oath. The trustee presides: asking questions about the debtor’s financial affairs, assets, liabilities, and the information in the bankruptcy schedules. Creditors may attend and ask questions (though few do in consumer cases). The meeting: occurs 20-40 days after the case is filed, typically lasts 5-15 minutes for consumer cases, and the judge does NOT attend.

Question 2

What happens at the 341 meeting in a Florida bankruptcy?

Accepted Answer

FL 341 meeting: the debtor brings photo ID and Social Security card, the trustee verifies the debtor’s identity, the trustee places the debtor under oath, and the trustee asks questions about: the accuracy of the bankruptcy schedules, the debtor’s assets (are all assets listed?), the debtor’s income and expenses, any recent transfers or payments, and the debtor’s eligibility for the chapter filed. If the trustee has concerns: additional documents may be requested, and a continued meeting may be scheduled. The meeting is recorded but is not held in a courtroom.

Question 3

What should a Florida debtor expect at the 341 meeting?

Accepted Answer

Expectations: be honest and accurate (the debtor is under oath; false statements can result in denial of discharge and criminal prosecution), bring required documents (photo ID, Social Security card, pay stubs, tax returns, and bank statements), answer questions directly (do not volunteer unnecessary information), and be prepared to explain: any recent large transactions, any property transfers in the last 2-4 years, and any discrepancies in the schedules. The debtor’s attorney should: prepare the debtor beforehand and attend the meeting.

Section 341

Section 341 Meeting of Creditors

What Happens

Required Documents

Tips

Related Terms

Barnes Walker Bankruptcy

Ready to Get Started?