The “341 meeting” refers to a meeting of creditors that is a standard part of the bankruptcy process in the United States. It is named after Section 341 of the United States Bankruptcy Code. This meeting is also known as the “Meeting of Creditors” or the “341 Meeting of Creditors.” Here’s an overview of what the 341 meeting entails:

### Purpose of the 341 Meeting:

The primary purpose of the 341 meeting is to allow the bankruptcy trustee, creditors, and the debtor to meet and discuss the debtor’s financial affairs. It provides an opportunity for creditors to ask the debtor questions about their financial situation and the circumstances leading to the bankruptcy filing.

### Key Points:

1. **Timing:**
– The 341 meeting typically takes place a few weeks after the bankruptcy petition is filed. It is a mandatory part of both Chapter 7 and Chapter 13 bankruptcy proceedings.

2. **Participants:**
– The meeting involves the debtor, their attorney (if they have one), the bankruptcy trustee assigned to the case, and any creditors who choose to attend.

3. **Nature of Questions:**
– Creditors may ask the debtor questions related to their financial affairs, assets, liabilities, income, and the reasons for filing bankruptcy. The trustee may also ask questions to verify the accuracy of the information provided in the bankruptcy petition.

4. **Under Oath:**
– The debtor is required to testify under oath, and their responses are recorded. It is crucial for the debtor to answer questions truthfully and to the best of their knowledge.

5. **Chapter 7 vs. Chapter 13:**
– In Chapter 7 bankruptcy, the goal is often to liquidate assets to pay off creditors, while in Chapter 13, the debtor proposes a repayment plan. The nature of the questions at the 341 meeting may vary based on the chapter of bankruptcy.

6. **Creditors’ Role:**
– While creditors have the right to attend the meeting and ask questions, it’s not uncommon for many creditors not to attend, especially in Chapter 7 cases where the assets available for distribution to creditors may be limited.

7. **Completion of Bankruptcy:**
– After the 341 meeting, the bankruptcy process continues, and the debtor must fulfill the requirements outlined in their bankruptcy plan. In Chapter 7, the discharge of debts may follow if there are no objections. In Chapter 13, the debtor follows the court-approved repayment plan.

### Importance:

The 341 meeting is a crucial step in the bankruptcy process as it allows for transparency and provides an opportunity for creditors to inquire about the debtor’s financial situation. It is essential for debtors to be well-prepared for the meeting, providing accurate and complete information.

Debtors are strongly advised to consult with an experienced bankruptcy attorney who can guide them through the process, help them prepare for the 341 meeting, and ensure that their rights are protected throughout the bankruptcy proceedings.