Bankruptcy Information - 341 Meetings

After the debtor files bankruptcy, the United States trustee will schedule a meeting of the creditors. This meeting is commonly called a 341 meeting, because Section 341 of Title 11 of the U.S. Code outlines the meeting requirements of the creditors.

The court may not attend the 341 meeting. Only the United States trustee and its attorney, the debtor and his or her attorney, and the creditors may be present.

Before the creditors enter into the 341 meeting, and once again at the meeting, the trustee will advise the debtor of the following:

• How filing bankruptcy will affect the debtor, including the effects of filing on the debtor's credit history.
• The rules regarding the debtor's ability to file bankruptcy under a different chapter.
• What happens when the debtor receives a discharge of debts.
• The effect of reaffirming a debt, including the debtor's knowledge of the provisions of section 524 (d) of this title.

The free Bankruptcy Worksheet is a good place to start for anyone considering the legal issues surrounding personal or business bankruptcy.  Or, you can find a bankruptcy lawyer for legal help, credit and bankruptcy information and bankruptcy filing questions.

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.