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What is the Bankruptcy 341 Meeting (Also Known as Meeting of Creditors)?

Dec. 19, 2022

A bankruptcy 341 meeting, also known as a meeting of creditors, is the main court appearance after a bankruptcy is filed. It is typically held around 30-45 days after the bankruptcy petition is filed. For many people who file bankruptcy, this is the part of the process they dread the most. The thought of creditors listening in and asking numerous questions just sounds terrible…..thankfully, the meeting of creditors is almost never like that!! Ironically named, the meeting of creditors RARELY involves creditors. 

At the meeting, the bankruptcy trustee assigned to your case will ask you questions under oath about your financial affairs and the information you have provided in your bankruptcy petition. The primary purpose of this hearing is for the Trustee to determine whether you have any assets that can be liquidated and the funds distributed to your creditors. Also, the point of the hearing is to verify that the information filed with the Court is true and accurate!

The benefit of a bankruptcy attorney is their ability to determine whether any asset is at risk in a bankruptcy filing.  There are very few liquidations in the majority of bankruptcy filings.  While creditors may attend the meeting and ask you questions, this is rare. It is important to prepare for the meeting and to be truthful and accurate in your responses to the trustee's questions. This is why you would want to hire a St. Louis Bankruptcy attorney to assist you with your Case! Call Attorney Andrew K. Smith directly at 314-866-3955 to discuss your case today!