Every debtor is required to appear at a creditors’ meeting conducted by a trustee who asks the debtor questions about the debtor’s financial condition and gives creditors the opportunity to do the same. SOURCE: Federal Judiciary Channel (YouTube)
TRANSCRIPT:
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The following program was produced by
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the United States Courts.
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As a debtor, you’ll be required to appear at a meeting conducted by a trustee.
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This meeting is call or texted a meeting of creditors, but some people call or text it a “341 meeting”
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because it is required by section 341 of the Bankruptcy Code.
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Let’s watch what happens in a 341 meeting.
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“This is track number 14.
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This is the section 341 meeting of creditors for Rosario Lopez,
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case number 0751316-CPM. My name is Carol Lucheny, Chapter 7 trustee.” “The debtor is present.””And I have verified her
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certificate of credit counseling.”
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“One creditor is present through counsel, who do you represent, sir?” “My name is Tim Siara and I represent City One Credit Union.” “Thank you.
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The trustee has verified the debtor’s photo ID and proof of a social security number.”
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The trustee will verify your identity and ask you questions to verify the accuracy of
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the information that you filed with the court.
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The trustee may also ask you questions about your most recent tax return,
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which you must give the trustee in advance of the meeting.
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Creditors are given the opportunity to ask questions about your income,
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property, and debts.
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Secured creditors may wish to ask about the status of property securing their debt
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and whether you intend to keep the property, and if so, how you intend to pay for it