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Meeting of Creditors what to expect

341 meeting what to expect

Creditors Meeting – What to expect

Meeting of Creditors -What to expect -10 FAQ you need to know

by Bradley Covey

1.  What is the Meeting of Creditors?
Also called the 341 Meeting, the First Meeting of Creditors is a 5-10 minute meeting where we meet with another attorney called a trustee.  Generally, the trustee’s job is to ask you a series of questions and determine if you have any valuable assets that aren’t exempt that he could sell.  He is also making sure you haven’t committed any fraud.

2.  Will I see a judge?
No, will not see a judge at your First Meeting of Creditors. The trustee is really your contact with the bankruptcy court system.  There is a judge appointed to your case but it is very unlikely you will ever see him/her.

3.  What happens at the meeting?
At the meeting the trustee will first check your picture ID and proof of your social security number.  Second the trustee will swear you in and ask if you are going to tell the truth.  Third, the trustee will ask you a series of standard questions about your assets and debts. The meeting usually takes about 5-10 minutes for a chapter 7 and 10-15 minutes for a chapter 13 bankruptcy.

4.  Do creditors show up?
Usually not creditors show up to your meeting.  Credit card companies and mortgage companies virtually never show up. The only creditors who come to your meeting seem to be ex-spouses, former business partners or attorneys for banks where you had a business loan.  Otherwise, it will be you, me and the trustee.

5.  What should I wear?
Come as you are. Although a serious meeting, the mood is generally light and there is no dress code. Some people come in suits and others in jeans or shorts.

6.  Can I bring my children or a friend?
Yes, children and friends are welcome.

7.  What should I bring?
You should bring picture ID and proof of your social security number (social security card, W-2, 1099 or tax transcript). If you filed chapter 13 you should also bring a recent pay stub.  If your meeting is at the DuPage County Courthouse DO NOT BRING A PHONE. The guards will send you back to your car. No phones allowed.

8.  How long does the meeting take?
Chapter 7 First Meeting of Creditors take about 5-10 minutes.  Although you may wait an hour or so for your case to be held. So, bring something to read or do.

9.  Where are the First Meeting of Creditors meetings held?
The First Meeting of Creditors locations are grouped by the County you live in:

Chapter 7 341 Meeting Locations:

  • Kane County: 100 S. Third St., Rm. 240, Geneva, IL 60134 map
  • DuPage County: 505 N. County Farm Rd., Rm. 2017, Wheaton, IL 60187 map
  • Kendall, Will, LaSalle, Grundy County: 150 W. Jefferson St., Second Floor, Joliet, IL 60432 map
  • Cook County:  219 S. Dearborn, Room 800, Chicago, IL 60604 map
  • DeKalb, McHenry County: 327 S. Church St., Rockford, IL 61101

Chapter 13 341 Meeting Locations:

  • Kane and DuPage County: Glenn Stearns, Chapter 13 Trustee, 801 Warrenville Rd., Suite 650, Lisle, IL  60532 directions
  • Will, Kendall, LaSalle and Grundy County: Glenn Stearns, Chapter 13 Trustee, 150 W. Jefferson St., Second Floor, Joliet, IL 60432 map

10.  What happens after 341 meeting?
If you filed a chapter 7, approximately two months after your meeting of creditors you will receive your discharge in the mail from the bankruptcy court.  Remember, you must do your second credit counseling (financial management course) and file it before this two month period expires or your case will be closed without a discharge and that creates a lot of problems.

If you filed a chapter 13, then about a month after your creditors meeting there will be a confirmation hearing with the trustee and the judge where the judge will confirm (approve) your chapter 13 plan.


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