Section 341 Meeting of Creditors

Under section 341 of the Bankruptcy Code, a meeting of creditors must be held in most cases. This meeting usually occurs 20 to 40 days after a petition is filed. The debtor must attend this meeting, at which creditors may appear and ask questions regarding the debtor's financial affairs and property.

Either a U.S. Trustee, bankruptcy administrator, or a designee presides at the meeting. It is important for the debtor to cooperate with the trustee and to provide any financial records or documents that the trustee requests. To preserve their independent judgment, bankruptcy judges are prohibited from attending the meeting of creditors.