What is the 341 meeting of creditors & what should I expect?

In this article we are going to discuss an Arizona 341 meeting of creditors, what this meeting is, what you should expect from the meeting and a few additional key things you’ll probably want to know.

Sometimes we get so nervous that we may forget to bring some things with us, troubles finding the right place, finding your attorney or many other things that may throw us off track a bit on the creditor meeting day. Don’t worry though, once this article is completely read through you’ll have and know everything you’ll need to be confident and prepared for your 341 meeting of creditors.

Our last article explained what to do next after you’ve file for bankruptcy. If you would like to read this article first you can view it here. If you already know what to do after you’ve filed for bankruptcy, but have an Arizona 341 meeting of creditors coming up than please read on.

Before we go any further lets go over some MUSTS whenever working with your Trustee or Attorney:

1. Be sure you have responded truthfully to any of your Trustee or Attorneys questions
2. Be sure that you have responded truthfully to any of your Trustees mailed documents (ie; “Trustee Questionnaire”)
3. Ensure that all of your documents have been submitted and that you are truthful on any of your replies

What we need to address first is “What happens at meeting of creditors”, “What is a 341 meeting” or “What is the 341 meeting of creditors”? That is actually a really great question, and let us tell you why. We’ve had many clients call us or come into our office nervous about this meeting and we do understand why you’d be a little nervous. The meeting of the creditors is a meeting with all of your creditors. You sit down under oath with all of your creditors, your trustee and one of our attorneys may go through your debts in great detail depending on which creditors are present at this meeting.

Where does this 341 meeting of creditors take place? The Arizona 341 meeting of creditors takes place in the District of Arizona at the United States Bankruptcy Court in Phoenix, Arizona. The Bankruptcy Court is located on 230 N. 1^st Ave #101, Phoenix, AZ 85003.

There are other cities that you could possibly have a 341 meeting of creditors such as Prescott, Tucson, Flagstaff, Florance, Casa Grande or even Yuma, but for most of this article the information may be specific to the Phoenix, Arizona United States Bankruptcy Court.  Although these cities may be available for the 341 meeting, if you are having a 341 hearing the only cities that are available are either Phoenix and Tucson, Arizona.  All judges and hearings will always be at either the Phoenix or Tucson bankruptcy courts.

Where should I park?  We’ve found that the best place to park is in the parking structure that is right across the street.  If you park there you’ll probably have the best luck getting in and out without too many hassles.

Where do I go once I get into the Phoenix, Arizona courthouse?  Once you’ve gone through the security checkpoint, you’ll go straight to the back of the courthouse.  You’ll see a sign that says “341 Meeting” and there will be a waiting area for you on the left and right hand sides.  Your attorney will more than likely meet you there unless they specify another location.

How long should I plan to be at the 341 meeting?  Whenever you have a meeting of creditors, we tend to tell our clients to schedule about an hour (1 hour) of their time.  The meeting itself may actually be much shorter, but that obviously depends on the details your of specific bankruptcy case.

Lets go over some of the basic stuff that will probably happen first:

1. You’ll go under oath and on the record

For the record the Trustee may ask you these questions first:

2. State your name
3. Your phone number
4. Your address

What kinds of questions do they ask at the 341 meeting of creditors?

At the 341 meeting of creditors the trustee may ask you roughly 20 to 25 questions about you and your debts.  Here are a few questions that you may be asked:

1. Have read the paperwork that has been provided to you
2. Have you turned over the required tax refunds
3. Are you married? Do you understand that all of your community property is part of your bankruptcy case.
4. Do you know of anyone owing you money? If so, they may ask you specific information about those people.
5. Do you have any unpaid claims against an insurance company? If so, they may ask you specific information about this.
6. Are you anticipating any life insurance or inheritance? If so, they may ask you specific information about this.
7. Have you transferred or repaid any loans to your family members? If so, they may ask you specific information about those people.
8. Have you ever filed bankruptcy before? If so, they may ask you specific information about this.

Will all of my creditors be present and what questions will they ask? Good question, however that is an opened ended question and unfortunately we cannot tell you this with any type of certainty. Depending on how aggressive, how much you may owe, local creditors, etc may determine whether or not your creditors will be present or at the very least be part of the meeting via telephone conference. If your creditors do appear, don’t worry, they cannot harass you. Your Trustee will be sure to intervene if this is ever the case in your meeting of creditors.

What should I bring with me to the meeting?

To verify your identity you will need to ensure you have these key items in your possession:

1. Driver License or Government issued ID
2. Social Security Card

We should also note that you should NEVER bring copies of any sort specific to you and the validity of your identity.  If you fail to bring these items with you, you will need to reschedule your appointment with your trustee and ensure that the next time you come to your 341 meeting that you have both your ID and Social Security Card.

There you have it, you are now a little more informed about the 341 meeting of creditors. It’s human nature to be a little nervous, but now… you’ve got some really good, helpful information that will have you be further ahead and more prepared. If for any reason you have more questions about the 341 meeting of creditors or have a special case, do not hesitate to call our office at (602) 262-4357, we would be more than happy to go into more detail about this with you.