At the meeting of creditors—also referred to as the 341 hearing—the person filing bankruptcy (debtor) meets with the bankruptcy trustee, who is appointed by the court to oversee the case. The trustee will ask the debtor to provide the debtor’s proof of identification and social security number card.

The trustee will ask the debtor questions (under oath) about the debtor’s bankruptcy petition, schedules, statements, tax returns, property, and financial accounts to confirm the accuracy of the documents and the debtor’s reported income. The trustee will try to determine whether the debtor has any unreported sources of income and will look for signs of bankruptcy fraud. Creditors may also attend and ask the debtor questions.

The meeting of creditors usually takes place at the federal courthouse or other federal building between 21 and 40 days after the debtor files the bankruptcy petition.

In Illinois, as in other states, the meeting of creditors, also known as the 341 hearing, is a mandatory part of the bankruptcy process. During this meeting, the debtor is required to provide proof of identification and their social security number card to the bankruptcy trustee, who is responsible for administering the bankruptcy case. The trustee will question the debtor under oath about their bankruptcy petition, schedules, financial statements, tax returns, assets, and financial accounts. The purpose of these questions is to verify the accuracy of the filed documents, assess the debtor's income, and identify any potential undisclosed assets or sources of income. The trustee also looks for any indications of bankruptcy fraud. While creditors are allowed to attend the meeting and question the debtor, their attendance is not mandatory. The meeting typically occurs within 21 to 40 days after the bankruptcy petition is filed and is held at a federal courthouse or other designated federal building.