What takes place at the 341(a) Meeting of Creditors?

The 341(a) Meeting of Creditors is a hearing where the Trustee or the Trustee’s Staff Attorney will ask you questions, under oath, about your assets, your liabilities and the feasibility of your plan.  In other words, everyone you owe money to, everything that you own, all sources of your income, the reasonableness of all budgeted expenses and whether your proposed plan payments are sufficient to pay off your creditors during the term you propose.  Any creditors who appear will also be given an opportunity to ask questions.  This meeting will be recorded.  Copies of the transcript may be requested from the Trustee’s Office for a fee.  You and your attorney are required to attend the 341(a) meeting.  If a petition was filed by a husband and wife, both must be present.  There are no accommodations for children.  If you fail to appear at the 341(a) meeting, your case may be dismissed.  If you cannot come on the scheduled date, you must request a new date from the Trustee’s office three (3) days before the date you are to appear and must have a valid reason for your request.  After the second date, if you fail to appear your case could be dismissed. You should bring with you: (1) recent pay stub, (2) picture I.D. (3) proof of social security number and (4) market analysis on any real estate.