What to Expect at the 341 Meeting of Creditors

Hi there, I’m Professor Alex, and thanks for joining me today along with my co-host, “Murphy’s Law.” This YouTube video discusses the 341 meeting of creditors and the bankruptcy trustee.

Here’s a summary of what you can expect.

The 341 Meeting of Creditors

Despite its name, creditors rarely attend these meetings. However, it is a requirement, and it’s when the bankruptcy trustee verifies and questions the debtors regarding the bankruptcy petition.

There are some common misconceptions about the 341 meeting of creditors. First, note that it’s not a court hearing with the bankruptcy judge. The judge is prohibited from attending the creditors’ meetings. But the trustee will be present.

The trustee’s role is to protect the bankruptcy estate, but the trustee cannot make rulings. The trustee can only make recommendations to the bankruptcy judge.

• Ready to File for Bankruptcy? Learn About Attorney’s Fees

Because the creditors’ meeting is brief, if a trustee needs to dig deeper into the issues or if there are potential issues of fraud, a 2004 examination (a type of deposition) can be conducted to gather more information. The 2004 examination can be initiated by any party in interest, though the trustee usually does it.

Protecting Yourself as a Creditor

What if you are a creditor and have received a notice for the creditor’s meeting? Do you need to attend? No, because the trustee doesn’t have the authority to issue rulings.

Instead, creditors should file a proof of claim. It’s a simple form where, as a creditor, you list the amount owed to you. It’s the same for all creditors, whether they are large banks or individuals. If non-exempt assets are to be divided, the bankruptcy trustee will disburse any funds based on the creditor’s pro rata share.

• Reduce Your Mortgage with Bankruptcy

The proof of claim form is available in the bankruptcy clerk’s office or website.

If there are other issues at play, such as an objection that has to be filed, then that objection is heard by the bankruptcy judge.

I hope you enjoy the video. Please comment, like, and subscribe to my YouTube channel.

Colleges and universities can purchase my bankruptcy law textbook directly from Routledge Publishing. For paralegals and students buying single copies, you can do so via Amazon Books. You can access my YouTube Channel via this link.

Additional blog content is available below:

• Bankruptcy
• Insights & Analysis

Please note that the information on this site does not constitute legal advice and should be considered for informational purposes only.

Updated on May 1, 2025.