If you're scheduled for a bankruptcy creditors' meeting, the one appearance all Chapter 7 and Chapter 13 filers must attend, and wondering about the questions you'll be asked, you've come to the right place. In this article, you'll learn:
But there's more to a 341 meeting of creditors than questions. Check out the 341 Meeting of Creditors Explained for a guide through the creditors' meeting process.
The bankruptcy trustee, the person tasked with administering your case, must ask all bankruptcy filers mandatory questions at the 341 meeting. Here are the questions you can count on being asked:
Along with the mandatory questions, trustees typically ask about your property and other assets, income, expenses, and debts. Other areas will include discrepancies in your bankruptcy forms and how you came up with a value for various property items.
Many trustees' inquiries about your particular case will come from a list of suggested questions trustees can ask when appropriate. Here are some of the questions on the list:
View the complete 341 meeting question list.
Often, creditors don't show up, even though "creditor" is in the meeting name. If creditors do come, it's typically to do one of the following:
If your case is relatively simple and you don't have a lot of nonexempt property—assets that aren't protected from creditors by an exemption—you probably won't face any creditor questions. Typically, the whole meeting will be over in less than ten minutes.
Most people experience some level of anxiety before attending the meeting of creditors, so you're not alone. In all likelihood, you don't have anything to worry about. Most cases breeze through the 341 meeting process without a problem. In fact, the most common thing people say after a creditors meeting?
"That was easy. I spent a lot of time worrying about this for nothing."
The purpose of the meeting is to ensure that you're who you say you are and allow the trustee and creditors to clarify any issues about your case. If your case is an ordinary matter without any unusual issues, you'll take an oath and answer the questions covered above. In all probability, it will be over in less than ten minutes.
If you're represented by an attorney, you really have no reason to worry. Bankruptcy attorneys know what issues might arise at the 341 meeting and often resolve them before the meeting occurs. You can count on your attorney to prepare you for any potential problems, so if you're told you have nothing to worry about, believe your lawyer!
You've got this.
Bankruptcy is essentially a qualification process. The laws provide instructions for completing a 50- to 60-page bankruptcy petition, and because the rules apply to every case, you can't skip a step. We want to help.
Below is the bankruptcy form for this topic and other resources we think you'll enjoy. For more easy-to-understand articles, go to TheBankruptcySite.
More Bankruptcy Information
Bankruptcy Forms and Document Checklist
The bankruptcy court tells creditors about the creditors' meeting and other important dates using these forms:
List of trustee questions:
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We wholeheartedly encourage research and learning, but online articles can't address all bankruptcy issues or the facts of your case. The best way to protect your assets in bankruptcy is by hiring a local bankruptcy lawyer.