Deck 22: The 341 Meeting of Creditors

Question 1

Because of the Consumer Bankruptcy Reform Act of 2020, hearings are held telephonically.

Answer 1

False

Question 2

At the 341 Meeting, the debtor discloses a bank account not listed in the schedules. The bank account was closed by the bank and has a negative balance.

A) The debtor should amend the Statement of Financial Affairs disclosing the account.
B) The debtor should amend Schedule F to include the bank account.
C) By providing bank statements to the trustee, proving the negative balance, the debtor doesn't have to take further actions.
D) Answers a and b

Answer 2

Answers a and b

Question 3

Once the trustee establishes the amount of non-exempt assets, the amount is non-negotiable.

Answer 3

False

Question 4

Currently, whether 341 Meetings will be held virtually or in person, is the bankruptcy trustee's decision.

Question 5

Describe the steps from beginning to end of a Chapter 7 case.

Question 6

Describe the steps from beginning to end of a Chapter 13 case.

Question 7

Name the three major credit reporting bureaus.