The Truth of Credit

A 341 meeting is a bankruptcy term for a ”meeting of creditors”. I know it sounds like something very official but it really is boring. These meetings are basically for the purpose of fact finding and relatively uneventful. The only scary part is that you will be under oath. For all you worriers out there I have found some of the questions you will be asked to help prepare.

• Did you list all of your assets?
• Did you list all of your debts?
• Did you read the schedules before signing?
• Are the schedules accurate?
• Do you want to make any corrections to the schedules?
• Have you lived in this state for the past two years?
• Do you owe anyone domestic support?
• Are your cars insured?
• Have you destroyed your credit cards?
• Do you owe anyone domestic support?
• How did you reach the value of your assets?

Will my creditors be there?

• They are invited but most likely they will not show. The creditors that do show will have a lien or some form of secured interest in the debt.
• Creditors do have the ability to ask questions of you under oath and in this case you should consult your attorney.

All in all, a 341 meeting is usually painless but make sure that you are prepared going in. These questions are usually straightforward but I have heard some horror stories of trustees asking hard questions if they think you are not being forthright.

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