What is the 341 meeting?

Whether a debtor chooses to file for Chapter 7 or Chapter 13, a meeting of creditors or "341" meeting will take place.  According to the United States Bankruptcy Court for the Northern District of Texas, the 341 meeting is "A meeting of creditors at which the debtor is questioned under oath by creditors, a trustee, examiner, or the United States trustee about his/her financial affairs."

The trustee will administer the meeting and the main purpose is to ensure that the debtor is not attempting to defraud the creditors through bankruptcy.  The authenticity of the debtor's liabilities and assets will be ascertained at this meeting.

As with any legal proceeding, bankruptcy has myriad intricacies and possibilities.  If you are considering bankruptcy as an option, contact a seasoned Fears | Nachawati Law Firm bankruptcy attorney to discuss all of the possibilities.