Once you file a petition for bankruptcy with the federal bankruptcy court, the court will assign a judge and a trustee. The court and/or trustee schedules a meeting of creditors. A meeting of creditors is often referred to as a 341 meeting because the rule governing the meeting falls under section 341 of the bankruptcy code. Whether you file a Chapter 7, 11, 12 or 13, you must attend a 341 meeting. You are required to attend the 341 meeting, but it is optional for creditors.
After the 341 meeting has been scheduled, the trustee will contact you with a list of documents required. You should make a copy of all the documents and turn the copies in to the trustee. Never give the trustee originals. You will not get them back.
You will be asked to provide, at a minimum, bank statements, vehicle titles, property leases, notes and mortgages, leases for leased business equipment, state tax returns, and federal tax returns. You may also be required to submit business records, employment tax returns, worker’s compensation returns, and other business financial documents.
If a creditor shows up at the 341 meeting, the creditor or its representative may question you regarding your finances. The trustee may question you regarding your finances. If the trustee thinks there might be some type of illegal activity with your business, he may require the Department of Justice to become involved in the case.
If the Department of Justice becomes involved, you will have to provide financial information to its representative. This rarely happens with typical businesses and business dealings, but if you worked with mortgages or had other real estate dealings, or if it has been noticed that you were not paying employees, you may see the Department of Justice.