You filed bankruptcy for relief from creditors that have been calling and sending notices to you for months. Now, the idea of meeting with them may feel daunting. However, the 341 meeting with creditors is one of the primary components of the bankruptcy process, according to the U.S. Bankruptcy Court for the District of Massachusetts.
Here is what you can expect from your trustee and your creditors, as well as what they will be expecting from you.
The bankruptcy trustee assigned to your case will verify your identity by asking to see your photo identification and proof of your Social Security number. Then he or she will ask you questions about your finances, including your debts and assets. The trustee is the one who liquidates your assets to pay your debts, so one purpose of this meeting is to make sure that you have reported everything accurately.
All of your creditors have the opportunity to attend and ask you questions, but most 341 meetings do not have any creditors in attendance. They may come to the meeting if they suspect you have lied on documents or you have used a suspiciously large amount of credit immediately before filing bankruptcy. Creditors may choose to dispute the discharge of their account if they do not receive satisfactory answers during the 341 meeting.
If you have been honest on all your paperwork and you can demonstrate that you acquired your debt with the intent of paying it, you are not likely to have any problems even if a creditor does attend.