If you do the following things and your petition complies with bankruptcy law, its likely that your meeting will proceed smoothly, as well. Questions to expect at the 341 meeting in your bankruptcy. Instead, it is run by your bankruptcy trustee and usually held in a meeting room. At the meeting, youll provide proof of identification and answer questions about your bankruptcy filing. Every debtor is required to appear at a creditors meeting conducted by a trustee who asks the. What happens at the 341 meeting of creditors in a chapter 7 bankruptcy. Fortunately, you have selected experienced counsel and have cooperated to provide honest and accurate financial information.
The meeting of creditors in chapter 7 bankruptcy nolo. Required by the bankruptcy code, this hearing gives the trustee the opportunity to ask the client questions in order to assess the validity of the claim and the completeness of the bankruptcy documents. A 341 meeting of creditors may seem a little useless, but it serves as a way to be fair to creditors that will be negatively impacted by the bankruptcy filing. The meeting is referred to as a meeting of creditors because creditors are notified that they may attend and ask the debtor questions pertaining to assets or any other matter pertinent to the administration of the case. The meeting schedule will be updated daily on the website. The 341 meeting of creditors is a very informal meeting. Most people get through the 341 meeting of creditors without incident. After the bankruptcy is filed, the court sends notifications to all creditors listed in the claim. The meeting is an opportunity for the bankruptcy trustee and creditors to question the debtor under oath regarding their assets, liabilities, and other matters that pertain to their bankruptcy case. The only issue would be that the creditors would have 60 days from the date of the meeting of creditors to file any objection to the discharge with the court. Tweet this there are three important dates you should be aware of after your 341 meeting.
On march 16, 2020, the united states trustee issued a notice cancelling all inperson section 341 meetings and rescheduling those meetings to take place by telephone. If the business has assets, the trustee will liquidate the property and distribute the funds according to timelyfiled creditor proof of claim forms. Completing your 341 meeting meeting of creditors doesnt automatically mean that your bankruptcy case is complete. It is an opportunity for creditors and the trustee to ask questions of the debtor and it starts the clock for many other events.
Do not appear at any of the below physical locations on the dates listed. Most people never see the inside of a courtroom or appear in front of a judge when filing for chapter 7 bankruptcy. What does the 341 meeting of creditors actually mean. Debtors should have their bankruptcy documents available during the meeting of creditors in the event. Its extremely unusual for the creditors to show up. Attorneys and clients do not need to be in the same location for their 341 a meeting via zoom video conference. Until further notice, this office will be conducting 341 meetings via zoom video conferencing. Presentation on the new procedures and requirements for. Every debtor is required to appear at a creditors meeting conducted by a trustee who asks the debtor questions about the debtors financial. This is an opportunity for the people you owe to ask you questions, that you must answer under oath. Following are the various addresses for 341 meeting of creditors in the state of arizona.
The trustee assigned to your case will ask a series of questions that usually takes approximately five minutes. Unless you qualify for a rare exception, you must attend your scheduled meeting of creditors. The trustee will not reset the initial 341 creditors meeting if the trustee believes or suspects that the debtors have filed the bankruptcy in bad faith and that. Please note that the debtors attorney has to, personally, appear at the 341 meeting of creditors. One major culprit is the 341 meeting or meeting of creditors. In less than 1% of cases, typically, a creditor will actually show up. The meeting of the creditors, otherwise known as a 341 hearing, is one of the most crucial and often overlooked components of a bankruptcy case. Creditor attendance at 341 meeting of creditors effective with the april 17th docket, our office will begin using zoom to conduct the 341 meeting of creditors. What happens if you dont attend your meeting of creditors. The meeting of the creditors cle course from lexvid. Section 341 of the bankruptcy code requires every debtor to personally attend a meeting of creditors and to submit to an examination under oath. The 341 meeting of creditors is one of the crucial steps in the life of a chapter case. But the reality is that for individual debtors filing chapter 7 or chapter bankruptcy in new york, its just you, your lawyer and the trustee. It would end it as far as the person having to pay any money to the creditors, if the trustee said he would file a no asset report at the end of the 341 meeting.
Section 341 the meeting of creditors after you file for chapter protection, the court will set a date for your section 341 meeting of creditors 341 meeting. This notice addresses the temporary procedures that will be utilized in the northern and southern districts of mississippi with respect to conducting section 341 meetings going. It is also referred to as a 341 meeting because it is mandated by section 341 of the bankruptcy code. In chapter 7, 12 and cases, the trustee assigned by the united states trustee conducts the hearing. The trustee will conduct the meeting and swear you in to tell the truth under oath. They generally have about eight to ten meetings of creditors per hour, so if the. In chapter 7 bankruptcy, theres a mandatory hearing.
What kinds of questions are asked in the 341 meeting of creditors. Make money online free online video downloader download videos from youtube for free. Your chapter 7 bankruptcy meeting of creditors also called the 341 meeting or trustees meeting can be intimidating. If using a tablet or smartphone, please download the zoom cloud. Section 341 c of the senate amendment is deleted and a contrary provision is added indicating that the bankruptcy judge will not preside at or attend the first meeting of creditors or equity security holders but a discharge hearing for all individuals will be held at which the judge will preside. Here is what you should not do at the 341 meeting of creditors.
The meeting of creditors is a required hearing in bankruptcy. If you need a bankruptcy lawyer with the knowledge, experience, and expertise in bankruptcy law to help you file for bankruptcy in mesa, look no. Effective immediately and until further notice, 341 a meetings of creditors will temporarily be conducted via videoconference. Within 30 days of having you 341 meeting, you must perform your intentions as stated in the statement of intentions you filed with your. A quick explanation of a 341 meeting of creditors in. When you file your case, the court will send you a notice to inform you of the date, time, and location of your 341 hearing. What it is is a chance for your creditors to meet with you down at the courthouse and ask you questions under oath. What happens at the 341 meeting of creditors in a chapter. What to expect at the bankruptcy meeting of creditors 341. The case wont close until creditors get paid and the trustee files a final report with the court.
The 341 meeting of creditors refers to title 11, section 341 of the bankruptcy code. The meeting is held outside the presence of the judge. At this point your attorney has a good handle on the case, but one wildcard still remains. If you received a notice that your 341 meeting of creditors will be held by telephone, click here to see how to join your meeting remotely. A 341 meeting of creditors also sounds very formal and serious, and it conjures up images of being trapped in a room with angry, impatient creditors. I would say that a typical 341 meeting of creditors has zero creditors present. What will happen at my 341 meeting of creditors in new york. The creditors have the legal right to deny any inclusion in a bankruptcy case. The 341 meeting of the creditors is named after section 341 of the bankruptcy code, which allows creditors an opportunity to ask questions from people who file. At the 341 meeting also called the creditors meeting, the trustee may ask about your bankruptcy forms, property, debts, and more. Answering chapter 7 trustee questions at the 341 meeting.
The process can take six months to several years, depending. Phoenix at the office of the united states trustee, 230 n. The 341 meeting is essentially a deposition, the meeting provides an opportunity for the bk trustee, and any creditor who wants to attend, to ask the debtor questions. Section 341a meeting of creditors required statements. Presentation on the new procedures and requirements for mandatory offsite telephonicvideo meeting of creditors 341a hearings. What is the 341 meeting of creditors in bankruptcy. During your bankruptcy case, whether you file under chapter 7 or chapter, you will have to attend a meeting with your creditors and the bankruptcy trustee in charge of your case. Get ready for your 341 meeting of creditors with the chapter 7 bankruptcy trustee by watching this video. See what happens at the 341 meeting of creditors and the trustee appointed in your case.
Creditors at the 341 meeting bankruptcy forum chapter 7. Bankruptcy has a lot of jargon that sounds like a foreign language. The exact address of your 341 meeting of creditors will be stated on the notice of bankruptcy case mailed to you by the bankruptcy noticing center. What should i expect from the 341 meeting of creditors.
Some will simply allow you to submit a schedule f with just the 2 creditors listed, some want you a new schedule f that relists all creditors. This meeting is formally called the meeting of creditors but often times referred to as the 341 meeting. Updated by cara oneill, attorney at the meeting of creditorsalso called the 341 hearingthe debtor meets with the trustee appointed to oversee the case. In both chapter 7 and chapter bankruptcy, the debtor is required to attend a meeting of creditors, also called the 341 hearing. The 341 meeting is presided over by the bankruptcy trustee that was appointed in the case. As reported by others users the trustee asked me standard questions and said she is filing a report of no distribution btw already showing on pacer and im in the 60 day club. That is the section that authorizes a mandatory meeting for anyone who is filing for bankruptcy protection with the trustee assigned to their case. Please test zoom with your clients before joining the 341 a meeting. Instead, youll attend one meeting the 341 meeting of creditors conducted by the chapter 7 trustee appointed to manage your case. The 341 meeting of the creditors is named after section 341 of the bankruptcy code, which allows creditors an opportunity to ask questions from people who file for bankruptcy. Below youll find articles explaining what to expect at your meeting of creditors, how to prepare, and how to deal with.487 1408 911 529 1279 580 1530 170 431 1443 134 82 7 695 206 1444 1160 890 1102 1404 220 906 470 1104 1452 284 881 360 737 367 835 208 574 111 439 533 1132 463 156 1305 952 542 1382 29 1348