This morning at the Howard M. Metzenbaum Federal Bankruptcy Courthouse in Cleveland I encountered a young woman getting off the elevator on the 6th Floor. This is where the bankruptcy trustees have the creditor meetings. Clutching her meeting notice, she looked at me and asked, “Is this room 341?”
What is Special about Room 341
I suppose there is a room 341 somewhere in the building, probably on the third floor. They do have room numbers up here but they are all in the six hundreds. I pointed her to the waiting area and suggested she wait there for her bankruptcy attorney.
Why does she care if she is in room 341? On her meeting notice it says, “Location: 341 Meeting,” on the last line under the Meeting of Creditors heading. The 341 meeting is not a location; it is the formal name for the meeting itself.
The meeting of creditors is authorized by 11 U.S.C. §341 of the bankruptcy code. Bankruptcy attorneys refer to this meeting as a 341. It is a fairly brief examination of you by the trustee assigned to your case, or one of the staff attorneys in a chapter 13.
What Happens at a 341 Meeting?
In a chapter 7 bankruptcy the meeting of creditors is a determination of whether you have any non-exempt assets that can be liquidated to benefit your creditors. In a chapter 13 bankruptcy 341 the trustee is looking for clarification of questions he may have in his decision of whether the plan presented is fair to your unsecured creditors.
Where are the creditor meetings?
When you have a meeting of creditors scheduled in a bankruptcy filed in Cleveland, Akron, or Toledo, Ohio don’t bother looking for room 341. In Cleveland it’s the sixth floor of the courthouse. In Akron it is at one end of the mall area of the First Energy Building. A Toledo meeting of creditors is on the sixth floor of the Ohio Building. Bankruptcy attorneys tell me that that the Youngstown division actually has a room 341 for its creditor meetings. I will take their word for it until someone comments and tells me differently.