The Meeting of Creditors V-5
See Transcript Below
The following is an adaptation of the transcript of Bankruptcy Creditor Meetings Video-5.
As a debtor, you will be required to appear at a meeting conducted by trustee. This meeting is called the Meeting of Creditors. Some people call it a 341 Meeting because Section 341 of the Bankruptcy Code requires it.
In the 341 Meeting a trustee will verify your identity and ask a few questions to verify the accuracy of the information that you filed with the court. There will not be a bankruptcy judge at the hearing, only a trustee. The trustee more or less monitors the case for the court. The system is set up so that debtors rarely have to appear before a bankruptcy judge.
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 and property.
Secured creditors may wish to ask about the status of property securing their debt. They may ask you if the property is insured and if you intend to keep the property. If you want to keep secured collateral, they may ask you how you intend to pay for it. Creditors do not appear at most 341 Meetings.
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THE MAJORITY OF CASES REQUIRE ONLY ONE HEARING AND IT IS BEFORE A TRUSTEE AND NOT THE JUDGE.