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341 Meeting

Meeting with debtor, creditors, and trustee after filing bankruptcy

The Role of a Trustee in a Bankruptcy Case

Ok, you are getting a fresh start on your financial situation and have filed for bankruptcy. One of the major players that you are going to be interacting with is a bankruptcy trustee. A bankruptcy trustee is a lawyer assigned to oversee your bankruptcy case. Their role in the case differs as to whether your bankruptcy case is Chapter 7 or Chapter 13.

 

Chapter 7 Trustees


In a Chapter 7 liquidation case, a trustee is selected at random from a panel of lawyers. Their main goal is to sell property and distribute the proceeds to creditors. In this process, a trustee sits down with the debtor during a “341 meeting” and asks them questions about their assets and financial affairs.
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