The Section 341 Meeting of Creditors

Shortly after your Chapter 7 bankruptcy case is filed, the clerk of the US Bankruptcy Court will send notice of your filing to all parties and creditors listed on your bankruptcy petition.  The clerk will also assign a Chapter 7 bankruptcy trustee and set a date for your Section 341 meeting of creditors.  There are several reasons for the Section 341 meeting of creditors. 

1. The meeting is required in the bankruptcy code.  A debtor must be examined under oath with regard to the information contained in his schedules to be eligible to receive a discharge.
2. It gives creditors an opportunity to ask questions of the debtor with regard to the information listed in his petition and schedules;
3. It allows the trustee to take sworn testimony from the debtor with regard to the information contained in the petition and schedules.  A trustee will ask additional questions with regard to the assets, liabilities, income, expenses and statement of financial affairs of the debtor. 

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