Once your bankruptcy case is filed, the bankruptcy court will mail a notice to you, your attorney, and to all of your creditors. This notice announces the commencement of your bankruptcy case and the scheduled meeting with the bankruptcy trustee. This meeting goes by many names including the "Trustee's Meeting," the "Meeting of Creditors," and the "341 Meeting."
The Meeting of Creditors has a dual purpose. First, it is an opportunity for the trustee to examine you under oath. Second, it is an opportunity for creditors to ask questions and identify issues. You and your attorney must appear at this meeting and failure to appear may result in dismissal of your case.
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While all of your creditors will receive an invitation to attend the meeting, it is unusual for any creditor to appear at the meeting in a typical bankruptcy case. The reason for this is largely due to the number of bankruptcy cases filed each year. In 2009 there were over 1.4 million bankruptcy cases filed. Large national creditors will not spend resources on sending a representative to the Meeting of Creditors. Occasionally a local creditor may appear and ask a few questions, usually concerning the debtor's intention to keep or surrender a secured debt like a home or car.
The Panel Trustee is almost always the individual that presides over the debtor's Meeting of Creditors in a Chapter 7 case. The Chapter 13 Trustee, or one of the assistant Chapter 13 trustees, may conduct the Chapter 13 Meeting of Creditors. The trustee is required to investigate the debtor's financial affairs, examine the debtor under oath, and submit reports to the bankruptcy court and Office of the U.S. Trustee. At the Meeting of Creditors the trustee is required to ask the debtor specific questions outlined in the U.S. Bankruptcy Code. These questions include:
Did you read the schedules before signing?
Did you list all of your assets?
Did you list all of your debts?
Are the schedules accurate?
Do you want to make any corrections to the schedules?
Do you have a domestic support obligation?
The trustee may have specific questions regarding assets, income, expenses, debts, or transactions. The trustee may require certain information or documents to be presented to the trustee either before or at the meeting including bank statements, pay stubs, tax returns, vehicle titles, and land ownership and debt documents. Most of this information should already be in your attorney's possession. You are also required to provide proof of identity including social security number and a government issued photo I.D.
Most Orange County 341 meetings go very quick and painlessly. Neither the Panel Trustee nor the Chapter 13 Trustee has the power to decide anything in your case. The Meeting of Creditors is simply a meeting to obtain information. However, the information obtained during this meeting can be used against you. After the trustee concludes questioning the debtor, any creditors may ask questions. Most trustees operate a Meeting of Creditors on very limited time constraints, so creditor questioning is usually limited to a few minutes. If the creditor needs additional time for questioning the debtor it can ask the bankruptcy court for an order requiring the debtor to appear for a further examination between just the creditor and the debtor.
If your bankruptcy case was filed in Orange County then the assigned bankruptcy court where you will be required to appear is located at:
U.S. Bankruptcy Court
Central District
411 W 4th Street
Santa Ana, CA 92701-4593
Remember to bring your social security and identification to your hearing as the Trustee will require that you verify your identity and social security before they proceed with your 341 examination.
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