Oklahoma Bankruptcy HelpBankruptcy in Oklahoma: What is a 341 Meeting?

What is A 341 Meeting?

So you just filed for bankruptcy in Oklahoma. What happens next?

Filing bankruptcy is the formal start of a legal process. Quite a few things need to happen for your bankruptcy to be complete. Meetings between several parties may need to take place. It’s not something one wants to navigate on their own. Filers who retain bankruptcy attorneys in Tulsa can rely on experienced legal counsel to prepare for that  unavoidable meeting of creditors called the 341 meeting.

It is normally the trustee’s responsibility to schedule a meeting with creditors. However, in some jurisdictions, a court may schedule your 341 meetings. The court, trustee, or trustees staff schedule meetings between 20 and 60 days after you file for bankruptcy. A court trustee or representative of a trustee will host a 341 meeting. The host invites creditors affected by the bankruptcy.

Because it’s the first step in the legal process, an upcoming 341 meeting can be a source of anxiety for some bankruptcy filers. An honest filer need not worry, though. Many 341 meetings turn out to be perfunctory – requiring little effort or planning.

Standard 341 Proceedings

The meeting typically takes around half an hour. If no one asks extra questions, the meeting can end in less than 15 minutes. If creditors do have questions, the court trustee may extend the duration of the 341 meetings to accomodate the needs of those with questions. An official court trustee or a representative of a court trustee will conduct the 341 meetings. There are a set number of mandatory questions the trustee must present.

The trustee provides a neutral ground for the creditor to ask questions, and the debtor to answer honestly. The trustee does not work to the benefit of either creditor or debtor. The purpose of the 341 meetings is to inform everyone to whom you owe money that you have formally filed for bankruptcy. At the meeting, creditors may ask questions, which the debtor may answer.

For those who have never appeared in a court or judicial process, facing questions under oath can be a worrisome prospect. False statements made under oath can lead to criminal perjury charges. The risk is real but it’s not much different than any other common risks we take every day – like driving on a crowded highway. Stay in your lane and follow the rules and there is very little risk.

Congress created 341 meetings to protect creditors’ interests by informing them of the bankruptcy and letting them gather information. Yet creditors have no obligation to attend the meetings.  You, on the other hand, must attend. The government requires the debtor to attend the meeting of creditors. Those who fail to do so may have their case dismissed entirely.

The trustees are responsible for all interactions during the meeting. Electronic recordings of the meeting are mandatory. This recording is available to the parties upon request, but the court might request payment for copies.

Low-cost Initial Strategy Session With a Tulsa Bankruptcy Attorney

The 341 meeting affords the bankruptcy trustee and creditors an opportunity to question the filer about matters related to the bankruptcy. While frightening and frustrating at first glance, there is no reason to worry. You can benefit from having your attorney attend the meeting. Even if trustees and creditors ask no questions, having an attorney present makes you better prepared.  Your attorney can advise you or request more time for you to gather information if questions do arise.

If you have questions about 341 meetings or any part of the bankruptcy process in Oklahoma, call Financial Freedom Bankruptcy Lawyers of Tulsa at (918) 786-9600 to set up a low-cost initial consult. You can also fill out our question survey by clicking on the email tab to have your bankruptcy questions answered as well.