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