341 Meeting Law and Legal Definition

341 meeting is a meeting of creditors conducted in a bankruptcy proceeding which is scheduled about 20 to 40 days after filing for bankruptcy. 341 meeting is essentially a meeting between a debtor and the bankruptcy trustee and the trustee presides over the meeting. There will not be a judge in the 341 meeting. The duration of the meeting is generally 15 minutes and the entire proceedings will be tape recorded or recorded by a court reporter. 341 meeting are also known as the first meeting of creditors.

In 341 meeting a debtor is questioned under oath about his/her financial affairs. A creditor, a trustee, an examiner and the U.S. trustee will question the debtor in a 341 meeting. It is a fact finding meeting mainly intended to ensure that a debtor has fairly and honestly represented his/her assets, income and debts in the bankruptcy filing. Non appearance in the 341 meeting will result in the dismissal of case. Attorneys hired by a debtor will also attend the 341 meeting to represent the debtor.