341 Meeting of Creditors

Chapter 7 Bankruptcy Attorney Explains the Process

Video Transcript:

Leslie Rhode:

Should I be scared of a 341 meeting of creditors in bankruptcy? We ask Dallas attorney David Shuster in this AskTheLawyers™ Quick Question.

David Shuster:

Typically the only hearing you have in a Chapter 7 bankruptcy, including a business bankruptcy, is a section 341 meeting of creditors. It's a meeting with the trustee; there may be a creditor there. Most of the time creditors do not even make appearances at those hearings. It says it's a meeting not a hearing, but it's basically the only thing that you have to attend. It is not anything to be nervous about. It’s something that I can prepare you for. You are likely to be asked standard questions, nothing tricky. This is the opportunity for a trustee and a creditor to just basically get information. It's nothing that anyone should be too nervous about.

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