Who Is Present At A 341 Meeting Of Creditors?

In the meeting room, there will be debtors and their counsel sitting in chairs and waiting to be called, and it’s up to each trustee to determine the order in which the cases are called. The trustee is there typically with his secretary. When you get called up to the table, there will be a tape recorder there and there are usually four people at the table, unless it’s a husband and wife, which would be five people. If a creditor shows up, it’s six people who sit around the table as the trustee asks his routine questions.

What Are The Questions That The Trustee Generally Asks At a 341 Meeting Of Creditors?

He will ask, “Is this your petition and is it true and correct to the best of your knowledge? Are there any changes you’d like to make at this time? Did you list all of your debts? Did you list all of your assets? Have you ever filed a previous bankruptcy? Does anybody else owe you any money? Do you have any life insurance policies with cash value? Are you expecting any tax refunds? Are you expecting any inheritance in the near future or in the next five to six months?”

Then they usually say, “This meeting is concluded. Have a nice day.” I always ask, “Is this meeting concluded?” because that’s a key word to make sure that the meeting is not adjourned; otherwise, if the trustee adjourns the meeting, it is because he wants other items. Each trustee is different. Some of them ask all of the questions just stated, some of them don’t, and some of them have their own questions. In some jurisdictions, they want to see a copy of your deed and deed of trust and the title to your car and evidence of the pay-off to either one or both.

How Do You Advise People On Answering The Trustee’s Questions?

I always tell people to answer, “Yes sir, no sir,” or, “Yes, ma’am, no, ma’am.” If your answer is, “I don’t know,” that’s sometimes acceptable. It depends on if it’s something that the trustee needs to know. Sometimes when a debtor answers, “I don’t know,” the attorney does know the answer, and sometimes the case gets adjourned because they need more documentation.

Do You Have To Answer Every Question?

Yes, it would be rude if you didn’t answer the questions that were being asked. I could see somebody saying, “I am not going to answer that,” but that would look like they are not willing to tell the truth, or they are hiding something.

What Happens Once The 341 Meeting Of Creditors Is Over?

After the 341 meeting is over, I take my clients outside and tell them that in about 60 days, they will receive a discharge in the mail, along with a letter from me that says, “Enclosed is the good news of your final discharge. This means that all the debts you’ve listed have indeed been discharged. This will end my representation of you in this matter.” I also ask them, right after the 341 meeting, if they have taken the two-hour debtor education counseling course. The class takes two hours to complete and requires a passing score of 70%.

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