The 341 Meeting of Creditors is a meeting scheduled shortly after your Chapter 7 bankruptcy case is filed. At this meeting, your Chapter 7 bankruptcy trustee, which was assigned to your case when you originally filed, will take sworn testimony from you regarding the information you included on your petition when you filed your case.
The reason this is called a Meeting of Creditors stems from what is filed with your bankruptcy petition. When you file your petition in US Bankruptcy Court, a list of your creditors and all other interested parties is included with your petition. As required by the bankruptcy code, then, your creditors must have an opportunity to ask questions of you regarding the information you included in your bankruptcy petition.
At this meeting, the trustee will ask you questions about your assets, your income, your expenses, and any money that you owe that was both listed on your petition and if anything had occurred since the filing of the petition. These questions are asked of you while under an oath, which is given at the beginning of the meeting. After the questions from the trustee are complete, the trustee will usually make a determination, based on your answers and from your petition, as to whether your Chapter 7 case merits a no asset ruling. If so, this would mean you are on your way to a discharge.