Most debtors want to know the types of questions the bankruptcy trustee will ask at the 341 creditors meeting. This article explains why you must attend the 341 meeting of creditors and the questions the trustee will likely ask at the Chapter 7 creditors meeting. You'll find a link to the official list of 341 meeting of creditors questions at the end of the article.
Before you can receive a bankruptcy discharge wiping out qualifying debt, you must be examined under oath by a bankruptcy trustee at a hearing called the meeting of creditors or 341 hearing.
The trustee's job includes verifying your identity and examining your paperwork to ensure your responses are truthful. The primary purpose of the trustee involves locating property and assets and selling them for the benefit of creditors.
After the bankruptcy trustee reviews your identification, the trustee can ask questions about your bankruptcy papers and financial affairs while you are under oath. Creditors can also ask questions but rarely appear.
Usually, the trustee obtains all needed information in less than 10 minutes and concludes the creditors' meeting. The trustee will continue the meeting to another day if you forget your identification or if the trustee needs additional documents or more time for questioning.
Learn about similarities and differences between the Chapter 7 bankruptcy meeting of creditors and the Chapter 13 creditors meeting.
Yes. The trustee will ask you simple questions to ensure everything in your bankruptcy petition is complete and accurate. The trustee is required to ask standard questions of each debtor but might also ask specific questions about your case.
The trustee can ask you about anything related to your financial situation, and most questions will involve your debts, assets, income, expenses, and, importantly, prior transactions. The trustee will be looking for information that could increase recovery for your creditors. For instance, you'll likely be asked whether you gave away property or sold an asset for less than its actual value.
The trustee might ask about discrepencies between the information in your bankruptcy petition and your supporting documents, such as tax returns and paystubs. However, this type of questioning is rare. Your bankruptcy lawyer is responsible for maintaining consistency in your filing and ensuring such issues don't arise.
The initial questions you'll be asked are predictable because trustees must ask about particular areas. The following are some of the most common trustee questions asked at the meeting of creditors:
Would you like to see the specific questions you'll be asked? Here's where you'll find the official 341 meeting of creditors questions.
The trustee will ask about any unusual part of your bankruptcy case. Your bankruptcy lawyer will likely be able to predict specific questions the trustee might ask and, in many instances, resolve issues before the meeting.
Did you know Nolo has made the law accessible for over fifty years? It's true, and we want to ensure you find what you need. Below, you'll find more articles explaining how bankruptcy works. And don't forget that our bankruptcy homepage is the best place to start if you have other questions!
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