What is the 341 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 an afternoon meeting in the Conference Room at the Office of U.S. Trustee in Alexandria, Virginia. Hearings are set every hour with approximately ten hearings per 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 business loans or secured debts such as a car loan or a house mortgage.
