341 Meeting
A 341 meeting, officially called a "341(a) meeting of creditors," is a mandatory meeting in bankruptcy proceedings where the debtor meets with creditors and a bankruptcy trustee. The purpose is to discuss the debtor's financial situation and the bankruptcy process. Creditors can ask questions about the debtor's assets, liabilities, and overall financial affairs. The meeting is usually straightforward and doesn’t involve court hearings. It is named after Section 341 of the Bankruptcy Code, which requires this meeting be held so all parties can clarify financial details and address any concerns related to the bankruptcy filing.
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A 341 meeting, also known as a "Meeting of Creditors," is a required gathering in U.S. bankruptcy cases where the debtor must answer questions under oath. This meeting allows creditors to question the debtor about their financial situation, assets, and debts. It's conducted by a bankruptcy trustee and typically takes place about a month after filing for bankruptcy. The purpose is to ensure transparency in the bankruptcy process and to verify the information provided in the bankruptcy filings. Creditors typically attend but are not required to, and it usually lasts about 20 to 30 minutes.