341 Meeting of Creditors

The 341 Meeting of Creditors, also known as the creditors' meeting, is a mandatory meeting in bankruptcy proceedings. It allows creditors to question the debtor about their financial situation and the details of their bankruptcy filing. The meeting is overseen by a bankruptcy trustee, and it typically occurs about a month after the bankruptcy petition is filed. While creditors can attend, many do not. The debtor must answer questions honestly, under oath, providing transparency in the process and allowing for the assessment of the debtor's assets and liabilities.