341 MEETING
Back to GlossaryDefinition
A bankruptcy ‘meeting of creditors’ where the debtor is examined under oath by the trustee and creditors may ask questions.
Summary
A 341 Meeting is a mandatory court proceeding in bankruptcy cases where the debtor (person filing for bankruptcy) must appear and answer questions under oath. Named after Section 341 of the Bankruptcy Code, this meeting is conducted by a bankruptcy trustee and allows creditors to question the debtor about their financial situation, assets, and the circumstances leading to bankruptcy. Despite being called a 'meeting of creditors,' it's held at the courthouse and serves as a key step in the bankruptcy process to ensure transparency and proper administration of the case.
Usage Context
Understanding 341 Meetings is crucial when studying bankruptcy law, debtor-creditor relationships, and the practical administration of bankruptcy cases. This term is particularly important when analyzing the rights and obligations of both debtors and creditors in bankruptcy proceedings.
Common Confusions
- Students often think a judge presides over the 341 Meeting, but it's actually conducted by a trustee
- Believing that all creditors will attend the meeting, when in reality most creditors rarely show up
- Confusing this with other court hearings in the bankruptcy process
- Thinking the meeting can be skipped if creditors don't object to the bankruptcy
