The 341 Hearing is named the First Meeting of Creditors. However, that name is a bit of a misnomer for 2 reasons. One, it implies there will be a second meeting. There is rarely a second meeting, especially during a Chapter 7 case. Two, it implies that the creditors will show up to the meeting. That is also rarely the case.
In the typical 341 hearing
, the only parties that attend are the trustee, the attorney, and the debtor. The trustee and the lawyer ask a number of questions that are relevant to the debtor's assets, liabilities and income.
In a Chapter 7 case, the typical hearing is about 5 minutes long. The Chapter 13 hearing usually take about 15 minutes.
The hearings are usually held about 45 days after the date that the petition is filed.