Definition of 341 Meeting
341 Meeting is the meeting of lenders that occurs when a person information section seven bankruptcy. A 341 meeting gets its name from section 341 of the bankruptcy code.
Brief Explanation of 341 Meeting
This meeting must include the person bankruptcy and the section seven trustee. It is optional for lenders or their attorneys to go, and they usually don’t. If the person has a personal bankruptcy attorney, the attorney should be present at the meeting as well.
A 341 meeting’s purpose is to ensure that all bankruptcy documentation is in order, make sure the person not attempting bankruptcy fraud, and confirm the individual’s nonexempt resources that can be sold to repay lenders. This meeting occurs about a month after the person information for bankruptcy. Before the meeting, the trustee will have already audited the individual’s bankruptcy documentation and financial records. At the meeting, the person will need to prove his or her identity, resources and income with official documents including a driver’s license, Social Security card, property deeds, mortgage documentation, car titles, bank statements, tax returns and pay stubs.