What is the 341 First Meeting of Creditors and what happens there?
The Section 341 Hearing is an informal hearing conducted by a local attorney who has been assigned to your case as a Bankruptcy Case Trustee. The hearing is usually scheduled for a Wednesday or a Thursday in the Federal Court Annex Suite in the Bankruptcy Building in Peoria, Illinois. Hearings are set every half hour with approximately five to eight hearings per half hour. Therefore, each hearing ordinarily takes 5 to 7 minutes. At the 341 Hearing, the Bankruptcy Case Trustee asks you some of the same questions that we asked you prior to filing your bankruptcy case. The questions are aimed at determining if there are any assets which the trustee may be able to seize and sell to generate money for the creditors. Your creditors also have an opportunity to attend the hearing and ask you questions. The only creditors that usually show up are those who are holding secured debts such as a car loan or a house mortgage.
