Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 3–CASE ADMINISTRATION

Sub Chapter III –Administration

Sec. 341. Meetings of creditors and equity security holders

   (a) Within a reasonable time after the order for relief in a case 
under this title, the United States trustee shall convene and preside at 
a meeting of creditors.
    (b) The United States trustee may convene a meeting of any equity 
security holders.
    (c) The court may not preside at, and may not attend, any meeting 
under this section including any final meeting of creditors.
    (d) Prior to the conclusion of the meeting of creditors or equity 
security holders, the trustee shall orally examine the debtor to ensure 
that the debtor in a case under chapter 7 of this title is aware of--
        (1) the potential consequences of seeking a discharge in 
    bankruptcy, including the effects on credit history;
        (2) the debtor's ability to file a petition under a different 
    chapter of this title;
        (3) the effect of receiving a discharge of debts under this 
    title; and
        (4) the effect of reaffirming a debt, including the debtor's 
    knowledge of the provisions of section 524(d) of this title.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2564; Pub. L. 99-554, title II, 
Sec. 212, Oct. 27, 1986, 100 Stat. 3099; Pub. L. 103-394, title I, 
Sec. 115, Oct. 22, 1994, 108 Stat. 4118.)


                      Historical and Revision Notes

                         legislative statements

    Section 341(c) of the Senate amendment is deleted and a contrary 
provision is added indicating that the bankruptcy judge will not preside 
at or attend the first meeting of creditors or equity security holders 
but a discharge hearing for all individuals will be held at which the 
judge will preside.


                        senate report no. 95-989

    Section [Subsection] (a) of this section requires that there be a 
meeting of creditors within a reasonable time after the order for relief 
in the case. The Bankruptcy Act [former title 11] and the current Rules 
of Bankruptcy Procedure provide for a meeting of creditors, and specify 
the time and manner of the meeting, and the business to be conducted. 
This bill leaves those matters to the rules. Under section 405(d) of the 
bill, the present rules will continue to govern until new rules are 
promulgated. Thus, pending the adoption of different rules, the present 
procedure for the meeting will continue.
    Subsection (b) authorizes the court to order a meeting of equity 
security holders in cases where such a meeting would be beneficial or 
useful, for example, in a chapter 11 reorganization case where it may be 
necessary for the equity security holders to organize in order to be 
able to participate in the negotiation of a plan of reorganization.
    Subsection (c) makes clear that the bankruptcy judge is to preside 
at the meeting of creditors.


                               Amendments

    1994--Subsec. (d). Pub. L. 103-394 added subsec. (d).
    1986--Subsec. (a). Pub. L. 99-554, Sec. 212(1), substituted ``the 
United States trustee shall convene and preside at a meeting of 
creditors'' for ``there shall be a meeting of creditors''.
    Subsec. (b). Pub. L. 99-554, Sec. 212(2), substituted ``United 
States trustee may convene'' for ``court may order''.
    Subsec. (c). Pub. L. 99-554, Sec. 212(3), inserted ``including any 
final meeting of creditors''.


                    Effective Date of 1994 Amendment

    Amendment by Pub. L. 103-394 effective Oct. 22, 1994, and not 
applicable with respect to cases commenced under this title before Oct. 
22, 1994, see section 702 of Pub. L. 103-394, set out as a note under 
section 101 of this title.


                    Effective Date of 1986 Amendment

    Effective date and applicability of amendment by Pub. L. 99-554 
dependent upon the judicial district involved, see section 302(d), (e) 
of Pub. L. 99-554, set out as a note under section 581 of Title 28, 
Judiciary and Judicial Procedure.


 Participation by Bankruptcy Administrator at Meetings of Creditors and 
                         Equity Security Holders

    Section 105 of Pub. L. 103-394 provided that:
    ``(a) Presiding Officer.--A bankruptcy administrator appointed under 
section 302(d)(3)(I) of the Bankruptcy Judges, United States Trustees, 
and Family Farmer Bankruptcy Act of 1986 (28 U.S.C. 581 note; Public Law 
99-554; 100 Stat. 3123), as amended by section 317(a) of the Federal 
Courts Study Committee Implementation Act of 1990 (Public Law 101-650; 
104 Stat. 5115), or the bankruptcy administrator's designee may preside 
at the meeting of creditors convened under section 341(a) of title 11, 
United States Code. The bankruptcy administrator or the bankruptcy 
administrator's designee may preside at any meeting of equity security 
holders convened under section 341(b) of title 11, United States Code.
    ``(b) Examination of the Debtor.--The bankruptcy administrator or 
the bankruptcy administrator's designee may examine the debtor at the 
meeting of creditors and may administer the oath required under section 
343 of title 11, United States Code.''

                  Section Referred to in Other Sections

    This section is referred to in sections 343, 702, 705, 1161 of this 
title.



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Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Bankruptcy Forms Software Kits. For credit repair services,
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For more bankruptcy help and bankruptcy alternatives, go to Bankruptcy Resources

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