Section 341 of the Bankruptcy Code requires the U.S. trustee to hold a meeting of creditors (usually in the first 60 days after the petition date) to give creditors and the U.S. trustee the opportunity to ask the debtor questions about debtor’s conduct, assets, liabilities and any matter that may affect administration of the case. The debtor is required to attend and must answer these questions under penalty of perjury. While creditors are not required to attend §341 meetings, and they don’t waive any if they don’t attend, attendance is highly encouraged to get answers to their questions from the debtor.
Want to learn more? Read Dealing With Distress For Fun & Profit – Installment #6 – The Mundane Middle of A Bankruptcy Case by George Kuney and Jonathan Friedland.
Hajar is an associate with Sugar Felsenthal Grais & Helsinger LLP in both its Business Transactions Group and its Restructuring & Insolvency Group.