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.
Bankruptcy is an unusual area because it's essentially a qualification process. The laws provide instructions for completing a 50- to 60-page bankruptcy petition, and because all rules apply in every case, you can't skip a step.
One way to keep track of your research is to use the bankruptcy forms as an outline. You'll find links to bankruptcy forms and other resources in the chart below. You can also look at the list of Chapter 7 and 13 bankruptcy forms to see where this topic fits in the bankruptcy scheme (it's a post-filing issue). And this handy bankruptcy document checklist will help you gather the things you'll need to complete the petition.
341 Meeting of Creditors Information
The bankruptcy court tells creditors about the creditors' meeting and other important dates using these forms:
List of trustee questions:
We want to help you find the answers you need. Go to TheBankruptcySite for more easy-to-understand bankruptcy articles, or consider buying a self-help book like The New Bankruptcy by Attorney Cara O'Neill.
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 consulting with a local bankruptcy lawyer.