A 341 meeting comes from 11 U.S.C section 341 of the Bankruptcy Code and simply put, it is a meeting of your creditors. This hearing is held at the US bankruptcy Court, in Downtown Detroit- (if you are in the Eastern District of Michigan), usually 4-5 weeks after your case is filed. You are required to attend this hearing and answer the questions that are asked. This meeting is conducted by the Chapter 7 or Chapter 13 trustee assigned to your case and it is conducted under oath.
The trustee's job is find any un-exempt assets, and to convert those un-exempt assets to cash for the benefit of your creditors. The trustee will ask questions about the value of your home, the amount owing on your home, where you work, how much you make, what do you own in regards to stocks, bonds, 401 (k), etc., and if you read and reviewed the bankruptcy petition and if it is accurate. You must bring a picture identification and proof of your Social Security number with you, or the meeting will be adjourned or dismissed.
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Your creditors have the right to attend this meeting and ask questions of you regarding your debts you have with them. In reality, your creditors probably will not show up at this meeting. If you are in a Chapter 7, they will not receive anything, so they do not want to pay a lawyer to show up at this meeting.
This meeting usually lasts around 5-10 minutes once your case is called. It is quick, easy, and painless and required by law. Of course, your Detroit Bankruptcy Lawyers will be in attendance with you at the 341 meeting in order to represent you. We will meet with you about a half hour before hand to review your petition and prep you for the meeting, so you are prepared to answer the questions. Most of our clients are really surprised how quick and easy the meeting goes, so don't worry too much about the 341 meeting.
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