Definition of '341 Meeting'
The purpose of the 341 meeting is to allow creditors to get information about the debtor's financial situation and to ask questions. The debtor is required to attend the meeting and answer questions from creditors. The trustee in the bankruptcy case also attends the meeting and provides information about the case.
At the end of the meeting, creditors vote on whether to accept the debtor's proposed repayment plan. If the creditors do not accept the plan, the debtor may be forced to liquidate their assets and distribute the proceeds to creditors.
The 341 meeting is an important part of the bankruptcy process. It gives creditors a chance to get involved in the case and to make sure that their interests are protected.
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