Meeting of Creditors Information
Whether you’re filing Chapter 7 or Chapter 13 bankruptcy, you’re required to attend a “341 meeting” or what is commonly known as the meeting of the creditors. This meeting typically takes place at a federal building (in St. Louis, it's usually held at the Thomas Eagleton Federal courthouse at 111 S. 10th St., St. Louis, MO 63102) in a meeting room with other debtors, the trustee (who looks over the case.) and in some cases creditors. Let’s take a closer look what you can expect a 341 meeting.
✅TIP: If your Meeting of creditors is at the Federal Courthouse in Downtown St. Louis, we recommend arriving at least 20-30 minutes early and bringing change for the parking meters. Parking is limited.
The primary purpose of the Bankruptcy 341 meeting is to confirm that your bankruptcy paperwork is accurate, determine if you have any non-exempt property (property that cannot be included in a bankruptcy,) confirm your repayment plan if you’re filing Chapter 13 bankruptcy, and allow creditors the opportunity to question you. But don’t worry; in most bankruptcy cases creditors and lenders don’t attend these meetings.
Here’s an outline of how the process works:
The 341 meeting will take place about a month after you file bankruptcy.
What to Bring
Before the meeting, the bankruptcy trustee may request that you bring certain documents such as your tax returns, mortgage documents, bank statements, pay stubs, and car title. But regardless of what documents the trustee requests, you must arrive at the meeting with proof of your identity, such as a government issued photo ID, and proof of your social security number, such as your social security card or a W-2 from an employer.
✅TIP: You may have to go through metal detectors when arriving at your meeting. Leave unnecessary items at home. You'll need your ID to get through security.
Before attending the 341 meeting, the bankruptcy trustee will examine your bankruptcy petition. He or she may have some questions about it and will present those questions to you at the meeting. Typical trustee questions may include the following:
Have you repaid any creditors in the 3 months prior to filing bankruptcy?
Have you listed all of your assets and income on your bankruptcy petition?
In the past 12 months have you repaid any loans made to you by friends and family?
Have you sold or transferred property in the past few years?
If you own items of value, transferred property (sold, gifted, or traded), or repaid some debt right before filing bankruptcy, the trustee may move to recover, taking back those assets.
✅TIP: Review your bankruptcy paperwork ahead of the meeting to refresh yourself with the details, and bring a copy of your most recent bank statements in case there are questions about your balances.
In the typical bankruptcy case, creditors do not attend the 341 meeting. However, if they do attend it may be because they are a secured creditor such as a car lender. In that case, they are likely attending to determine if you want to give up also known as surrendering the property. If you want to keep secured property in your bankruptcy you’ll need to continue making payments and prove that you have proper insurance.
While most St. Louis 341 meetings are simple affairs, complex bankruptcy cases could make this meeting more demanding. Contact our office if you have questions or concerns regarding this meeting.