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Simple English definitions for legal terms
341 meeting
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A quick definition of 341 meeting:
A 341 meeting is a meeting that happens when someone files for bankruptcy. It's also called a creditors meeting because the people who the person owes money to can come and ask questions. The meeting is named after section 341 of the Bankruptcy Code. The purpose of the meeting is to check the person's financial situation and make sure everything they said in their bankruptcy filing is true. The person who filed for bankruptcy has to go to the meeting and answer questions. The meeting is usually held between 20 and 60 days after the person files for bankruptcy. The bankruptcy trustee, who is in charge of the case, asks the person questions about their finances and the bankruptcy process. The creditors can also ask questions if they want to.
A more thorough explanation:
A 341 meeting is a mandatory meeting that takes place at the beginning of a bankruptcy proceeding. It is also known as the creditors meeting and is named after section 341 of the Bankruptcy Code. The purpose of the meeting is to examine the debtor's financial position and confirm the information provided in the bankruptcy filing.
The debtor must attend the 341 meeting and answer questions asked by the presiding officer under penalty of perjury. The bankruptcy trustee assigned to the case presides over the meeting in Chapter 7, 12, and 13 cases, while a representative of the United States Trustee conducts the meeting in Chapter 11 cases.
The 341 meeting helps the debtor understand the bankruptcy proceeding and allows creditors and other interested parties to ask questions about the debtor's financial affairs. However, creditors are not required to attend the meeting. The meeting is usually scheduled between 20 and 60 days after the debtor files for bankruptcy.
The bankruptcy trustee may ask discretionary questions related to the matters of the bankruptcy case, but they will ask at least the following standard questions:
- Is the address on the petition the current debtor's address?
- Did the debtor sign the petition, schedules, statements, and related documents of the bankruptcy filing?
- Did the debtor read the petition, schedules, statements, and related documents of the bankruptcy filing before signing them?
- Is the debtor familiar with the information contained in the petition, schedules, statements, and related documents of the bankruptcy filing?
- To the best of the debtor's knowledge, is the information contained in the petition, schedules, statements, and related documents of the bankruptcy filing true and correct?
- Did the debtor identify all its assets and list all its creditors in the bankruptcy filing documents?
- Has the debtor previously filed for bankruptcy?
For example, if a person files for bankruptcy, they will have to attend a 341 meeting. During the meeting, the bankruptcy trustee will ask them questions about their financial situation, such as their income, expenses, and debts. The trustee will also confirm the information provided in the bankruptcy filing, such as the debtor's assets and creditors.