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What is a 341 Meeting Of Creditors? - YouTube
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what's the 341 meeting of creditors hi
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I'm attorney Leroy Roberson back again
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and I wanted to talk about this topic
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because a lot of my clients most if not
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all of them have some worry about going
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to to this meeting and I just wanted to
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make a video to kind of go into a little
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bit of detail and explain what it is so
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if you were having that same worry or
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anxiety or just wonder you'd kind of
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know what it was beforehand so whether
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you do a chapter 7 or a chapter 13 you
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have to go to a 341 meeting of creditors
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and what this is is it's a meeting and
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most people get probably the most
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freaked out because they are afraid of
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going to court talking to a judge or
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being before a judge
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well one quick note is this isn't even
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in a courtroom most of the time and
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judges aren't present a 341 meeting of
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creditors takes place and it gives a
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trustee and any creditors that decide to
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show up a chance to come sit down
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it's a will be you and other people
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there'll be other people there and I'll
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ask you questions about the documents
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that you file then any information that
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they have questions on and this trustee
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is not a judge a lot of times there are
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other attorneys that could be
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accountants but and they just look
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through the documents that we've
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prepared you looked over it's all of
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your own information and they may just
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ask you questions about it to confirm
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that the information is correct confirm
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that you understood all the information
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and maybe to ask a few questions about
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some things that may need a little bit
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more detail on and creditors are also
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allowed to come and question you at this
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time most of the time they do not show
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up especially if there's no assets for
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them to really come after generally
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creditors don't even bother coming to
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these so it's usually just you
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one-on-one with the trustee answering
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questions without another note is it is
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under oath so they do take these
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questions under oath when you're
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answering them and you get sworn in
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that's the only part that's similar
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to the court proceeding everything else
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is a lot more relaxed you know you're
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not it's in more of a meeting room than
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any courtroom that should have to go to
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now the second thing that I wanted to
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talk to you about what this is just the
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time of it you know this isn't a long
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drawn-out meeting most of the time
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you're up there for five minutes or less
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I mean I've seen depending on who the
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trustee is you can be in and out of
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there
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getting questioning in one to two
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minutes and depending on where you're at
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on the calendar you get another benefit
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if you're lower on the calendar to be
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able to go in and watch other people go
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because a lot of times these trustees
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are gonna go through the same questions
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because their goal is just a one confirm
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that everything that's in your petitions
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is correct and accurate and to to see if
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there's any other assets or money that
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may be available to pay creditors
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because that's the job of a trustee to
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see if there's assets that aren't
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acceptable they can use to pay off your
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creditors that's it that's all that
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they're doing and this meeting is
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utilized to do that so that's pretty
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much a lay of the land of a 341 most of
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the time my clients walk out saying is
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that it I thought it was gonna be more
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than that so it's not as big of a issue
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in most situations because like I said
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we're just going over your own
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information and you know better than
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anyone what you have if you understood
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everything and you know just be honest
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with the trustee and that's it so that's
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it guys I just wanted to get that out
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there because I get so many clients that
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are worried about these 3:40 ones that I
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thought it would be beneficial to make a
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video for you so if you have any other
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questions as always feel free to let me
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know and we can talk about it more and
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if not have a great day and I'll see you
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on the next video thanks guys
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