Government Video Shows How a Chapter 7 Creditors Meeting Is Conducted

When people struggling with debt consider filing for Chapter 7 bankruptcy, the part of the process that often creates the most anxiety is the creditors’ meeting. This is sometimes referred to as the “341 meeting” based on the section of the Bankruptcy Code that discusses this conference. The good news is that these meetings, conducted in-person or online, are typically short and simple. Often, the only attendees are the bankruptcy trustee, the filer and their attorney. 

To relieve some of the tension associated with the creditors meeting, the U.S. Trustee Program has posted videos of simulated 341 meetings, including one for a Chapter 7 action. By watching, you can better understand what happens during the meeting, such as:

• Verification of identity — You must bring or provide proof of a government-issued photo ID (such as a driver’s license or passport), as well as proof of your Social Security number. At the outset of the proceeding, the trustee will verify your identity to confirm that you are the individual who has made the filing. 
• Trustee questions — After you take an oath to tell the truth, the trustee will ask questions regarding the accuracy of the documents you have submitted. Common questions include whether you’ve listed all assets and debts and whether any information you’ve provided needs to be revised or updated. The trustee might also ask about your recent transactions and whether you expect an unusual payment in the near future, such as an inheritance or legal settlement.  
• Creditor questions — The meeting portrayed in the video does not include any creditors. However, if creditors attend, they may ask about specific debts or assets. For example, a creditor might inquire about property securing a loan or transactions involving their debt.

Once the meeting concludes, the trustee will either request additional information or move forward with administering your case. If there are no objections or complications, your debts will typically be discharged within a few months. Having an experienced bankruptcy attorney by your side can ensure you’re prepared and can address any issues that arise. 

Jeff Field & Associates Georgia represents clients in Chapter 7 bankruptcy proceedings and other debt relief matters. To schedule an appointment in our Douglasville, Gainesville, Bogart, Lawrenceville, Marietta or Scottdale location, please call 404-381-1278 or contact us online.