- Instructor: Attorney Bob Schaller
- Lectures: 3
- Quizzes: 1
Section 341 Meeting of Creditors.
The U.S. trustee appoints an impartial “Chapter 7 panel trustee” to administer the Chapter 7 case promptly after the bankruptcy petition is filed with the clerk of the court. 11 U.S.C. § 701. The Chapter 7 panel trustee must administer the case in accordance with the trustee’s statutory duties as forth in 11 U.S.C. § 704.
The Chapter 7 panel trustee must convene and preside at a “meeting of creditors.” 11 U.S.C. § 341(a). The § 341 meeting of creditors must be held no fewer than 21 and no more than 40 days after the petition date. Bankruptcy Rule 2003(a). The debtor is required to attend this meeting and answer questions under oath. 11 U.S.C. § 343. Creditors may attend this meeting and ask the debtor questions under oath. However, the bankruptcy judge may not preside at, and may not attend, the § 341 meeting of creditors. 11 U.S.C. §341(c). The § 341 meeting is electronically sound recorded. Bankruptcy Rule 2003(c). The typical § 341 meeting of creditors lasts about eight (8) minutes for a “no-asset” case.
This video was produced by the United States Court.