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Simple English definitions for legal terms

341 meeting

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A quick definition of 341 meeting:

A 341 meeting is a meeting that happens when someone files for bankruptcy. It's also called a creditors meeting because the people who the person owes money to can come and ask questions. The meeting is named after section 341 of the Bankruptcy Code. The purpose of the meeting is to check the person's financial situation and make sure everything they said in their bankruptcy filing is true. The person who filed for bankruptcy has to go to the meeting and answer questions. The meeting is usually held between 20 and 60 days after the person files for bankruptcy. The bankruptcy trustee, who is in charge of the case, asks the person questions about their finances and the bankruptcy process. The creditors can also ask questions if they want to.

A more thorough explanation:

A 341 meeting is a mandatory meeting that takes place at the beginning of a bankruptcy proceeding. It is also known as the creditors meeting and is named after section 341 of the Bankruptcy Code. The purpose of the meeting is to examine the debtor's financial position and confirm the information provided in the bankruptcy filing.

The debtor must attend the 341 meeting and answer questions asked by the presiding officer under penalty of perjury. The bankruptcy trustee assigned to the case presides over the meeting in Chapter 7, 12, and 13 cases, while a representative of the United States Trustee conducts the meeting in Chapter 11 cases.

The 341 meeting helps the debtor understand the bankruptcy proceeding and allows creditors and other interested parties to ask questions about the debtor's financial affairs. However, creditors are not required to attend the meeting. The meeting is usually scheduled between 20 and 60 days after the debtor files for bankruptcy.

The bankruptcy trustee may ask discretionary questions related to the matters of the bankruptcy case, but they will ask at least the following standard questions:

  • Is the address on the petition the current debtor's address?
  • Did the debtor sign the petition, schedules, statements, and related documents of the bankruptcy filing?
  • Did the debtor read the petition, schedules, statements, and related documents of the bankruptcy filing before signing them?
  • Is the debtor familiar with the information contained in the petition, schedules, statements, and related documents of the bankruptcy filing?
  • To the best of the debtor's knowledge, is the information contained in the petition, schedules, statements, and related documents of the bankruptcy filing true and correct?
  • Did the debtor identify all its assets and list all its creditors in the bankruptcy filing documents?
  • Has the debtor previously filed for bankruptcy?

For example, if a person files for bankruptcy, they will have to attend a 341 meeting. During the meeting, the bankruptcy trustee will ask them questions about their financial situation, such as their income, expenses, and debts. The trustee will also confirm the information provided in the bankruptcy filing, such as the debtor's assets and creditors.

30-day notice | 341 notice

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
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I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
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windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
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Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
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I will take In N Out everyday over it when I can though.
texaslawhopefully
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In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
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Indeed, indeed.
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