If you filed for Chapter 7 or Chapter 13 Bankruptcy, you must attend Bankruptcy 341 Meeting of Creditors.  If you do not attend the Meeting, your case will be dismissed without discharge of your debts.  The 341 Meeting of Creditors is conducted by the bankruptcy trustee, not the judge and usually last for 5 to 10 minutes per filer.  Creditors may attend the meeting and ask questions.  However, creditors rarely show up despite the name "Meeting of Creditors".

At the 341 Meeting of Creditors, the Bankruptcy Trustee will ask you questions about your assets, debts, income, expenses, claims, and financial transactions to determine that your creditors get as much as possible under the bankruptcy law.  Although you are not in a courtroom, you are sworn under oath and must answer all questions truthfully.

In a Chapter 7 Bankruptcy 341 Meeting of Creditors, the trustee is looking for nonexempt property to sell and repay your creditors.  The trustee is also looking for fraudulent and preferential transfer to undo and repay your creditors.  In short, Chapter 7 Bankruptcy is "liquidation", so caution must be taken before deciding to file for Chapter 7 Bankruptcy.

In contrast, because Chapter 13 Bankruptcy is a "reorganization" or "repayment plan", the Chapter 13 Bankruptcy 341 Meeting of Creditors is conducted with a different purpose.  The Chapter 13 Bankruptcy Trustee does not sell nonexempt assets or undo transfers to repay your creditors.  The aim of the Chapter 13 Bankruptcy Trustee is to ensure that your creditors are receiving the correct payments through the monthly Chapter 13 Plan payments.  Keep in mind because this is a misconception by most of my clients, Chapter 13 Bankruptcy does NOT mean that you have to repay 100% of your debts back.  A majority of my clients repay only a small portion of their debts through a Chapter 13 Bankruptcy repayment plan.  It depends on many factors like your household income and expenses, nonexempt properties, fraudulent or preferential transfer, type of debts.

Where is the 341 Meeting of Creditors?

It depends on your place of residence or principal place of business.  My clients attend their 341 Meeting of Creditors at either the Sacramento Bankruptcy Court at 501 I Street, 7th Floor, Sacramento, CA 95814 or the Modesto Bankruptcy Court at 1200 I Street, 1st Floor, Modesto, CA 95354.

What should you bring to the 341 Meeting of Creditors?

You must bring a government-issued identification like driver's license, passport, or military ID to name a few and your social security card or proof of social security acceptable from your district.  Failure to provide those identifications at the 341 Meeting of Creditors will result in a continued or rescheduled Meeting.  Repeated failures to provide those identifications at the continued 341 Meeting of Creditors will result in the dismissal of your bankruptcy case without discharge of your debts.

For more information about 341 Meeting of Creditors locations and acceptable proof of identifications for the Eastern District of California Bankruptcy Court, click here.

For more information, call to scheduled a bankruptcy consultation with Muoi Chea, Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA serving all surrounding Northern and Central California cities.