A Chapter 13 bankruptcy 341 meeting is a meeting of creditors during a Chapter 13 bankruptcy. This hearing enables the trustee and creditors to ask the filer about his/her ability to adhere to the proposed payment plan and about assets and other financial issues.
Prior to the actual 341 meeting, the appointed trustee will review all filed paperwork including:
- Bankruptcy petition
- Assets, debts, income, and expenses schedules
- Statement of financial affairs
- Chapter 13 repayment plan
When/Where are 341 Meetings Held?
The 341 meeting is usually scheduled between 21 and 50 days after the date of bankruptcy filing, and is usually held in a federal building meeting room. It is critical that the filer brings proof of his/her identity and Social Security number; otherwise, the meeting will not proceed.
What to Expect
The trustee usually questions the filer first. Among the most common topics include:
- Marital status
- Income/expense accuracy
- Sources of income
- Child support, if applicable
- Job stability and income steadiness
- Debt information accuracy
- Property values
- Reasonableness of monthly expenses
- Whether payments pursuant to the plan have commenced
Following the trustee’s questions, creditors in attendance have the opportunity to ask questions about how they will be repaid pursuant to the plan. In most cases, creditors do not appear at such hearings; however, those who object to the plan will file notices which are then addressed by the bankruptcy attorney and court. The exception is secured creditors who may wish to verify the filer’s plan for maintaining payments and to ensure that the property in question is properly insured.
After the Meeting
Following all questioning, the trustee either concludes the hearing and prepares necessary documents for the court or files a continuance. Continued hearings typically occur when more information is required, if documents were missing, or if the trustee requests the filer to amend some paperwork.
For more information about Chapter 13 Bankruptcy 341 meetings, or any other bankruptcy-related question, please contact us.