If you decide to file for bankruptcy, either Chapter 7 or 13, one of the first things you will be required to have do is have a meeting with the bankruptcy trustee. This is known as a 341 meeting, named after the bankruptcy section it refers to. The 341 Meeting usually is scheduled a few days after you file your bankruptcy petition.

It is not like going to court since a judge will not be present. What the meeting essentially is for everyone (you, your creditors, and the bankruptcy court) to get an understanding of your financial situation, payment intentions, and the facts of your bankruptcy.

You will need to be prepared for this meeting.   You should make plans to arrive early and make sure you take time off from work to do so. It is best also to have your bankruptcy attorney with you as well. If at all possible, try not to be late. Since there are several bankruptcy 341 Meetings taking place for the bankruptcy trustee, they do not have time to wait on you.

Most likely, if this happens, they will have to reschedule and then any of your creditors that planned to attend twill have to reschedule as well. Tardiness will not work in your favor. Even more, if your bankruptcy attorney has to come back to another 341 Meeting for you, it could cost you more money.

During the 341 Meeting, which is recorded, the bankruptcy trustee will ask you some basic questions that you must answer. The questions are not difficult; examples are your name and social security number, the bankruptcy petition number, and the valued property on your bankruptcy. This is why you will need to bring all the required documents and identification listed on the bankruptcy information sheet such as your driver’s license and social security card.