Function

• The purpose of the 341 meeting during the bankruptcy process is to allow your creditors to face you in court and ask questions related to your debts, assets and overall financial situation. The United States Bankruptcy Code requires debtors to attend a 341 meeting before the conclusion of their bankruptcy proceeding. The meeting of creditors is purely a fact-finding exercise and does not directly affect the outcome of your case.
  
  

Time Frame

• All bankruptcy proceedings follow a specific timeline and individual bankruptcy procedures vary state by state. According to Bankrate, a 341 meeting of creditors typically occurs between 20 and 40 days after filing in a Chapter 7 case and 20 to 50 days in a Chapter 13 proceeding. The meeting itself is typically very brief, generally lasting anywhere from 5 to 15 minutes, although the procedure may take longer depending on your case.
  
  

Attending Parties

• Once your 341 meeting has been scheduled, your bankruptcy trustee will notify you of the time, date and location as well as any information you may need to bring. The trustee is essentially your bankruptcy case administrator and will direct the proceedings. The 341 meeting takes place outside the court and members of the court are not permitted to attend. As the debtor, you are required to attend, along with your attorney. Your creditors or their representatives are invited to attend, but their presence is not mandatory.
  
  

Process

• Once the meeting convenes, the trustee will begin by having you state your name and address for the record and presenting your Social Security card and photo ID. Once your identity has been verified, the trustee will ask some basic questions regarding your debts, assets, employment, taxes, income and debt or support obligations outside what is included in the bankruptcy. If your creditors are present, they may ask you questions about your reasons for filing bankruptcy and your current financial state.
  
  

Considerations

• It is important to be as honest and thorough in your answers as possible when responding to the trustee's questions. Supplying false or incorrect information can result in your case being summarily dismissed. If new issues or information come to light during the meeting, your creditors can request an investigation which can potentially halt your bankruptcy proceeding.