You may not have heard about the so-called 341 meeting, but this is a stopping point on the road to a debt-free future.

The 341 meeting is another name for the meeting of creditors. What should you expect when you walk through the door?

341 meeting basics

If you file Chapter 7 or Chapter 13 bankruptcy, you will soon attend the 341 meeting, named after Section 341 of the United States Bankruptcy Code. It is here that you will meet the trustee who will administer your case. The trustee will conduct the meeting and ask you questions that you must answer under penalty of perjury. The questions will relate to your liabilities, property, current financial circumstances and other bankruptcy matters. Your answers will help the trustee administer your case with maximum efficiency.

About your creditors

Information about the date, time and location for the 341 meeting will go out to your creditors in case they wish to appear. Creditors have the right to question you face-to-face about your plans for resolving your debts. However, they rarely attend, knowing that the decision to stay away will not affect their standing in your bankruptcy matter.

Next steps

Your attorney will accompany you to the 341 meeting and provide the trustee with documents such as your bank statements, income tax returns, mortgage documents, car titles and any other information pertinent to your case. All you will need to bring is proof of your Social Security number and a government-issued photo ID. Held outside of court, the 341 meeting is usually brief. Think of it as one small step on your path to a brighter financial future.