The meeting of creditors is held by the bankruptcy trustee approximately 30-40 days after filing of petition and it usually lasts about 5-10 minutes. Creditors may attend, however they rarely do. During the meeting of creditors, the trustee reviews all the paperwork and examines the debtor under oath concerning his assets and debts. The trustee may ask the following questions:
- Did you read and sign the petition, schedules, statements, and related documents?
- Are you personally familiar with the information contained in the petition, schedules, statements, and related documents and is that information correct?
- Did you list all of your assets and debts accurately?
- How did you reach the value of your assets?
- Do you want to make any corrections to the schedules before the examination?
- Have you lived in this state for the past two years?
- Do you owe anyone domestic support?
- Have you previously filed bankruptcy?
- Is the copy of the tax return you provided a true copy of the most recent tax return you filed?
- Have you read the Bankruptcy Information Sheet provided by the United States Trustee?
- Do you own or have any interest whatsoever in any real estate?
- Do you own or have any interest whatsoever in any vehicles? If no, how do you get around?
- Have you made any transfers of any property or given any property away within the last two years.
- Does anyone hold property belonging to you or does anyone owe you money?
- Do you anticipate receiving life insurance proceeds or an inheritance as a result of someone’s death within the next six months?
- Are you suing someone or contemplating filing suit against someone?
If you are represented by an attorney, the attorney will prepare you for the examination and will attend the 341 meeting with you to ensure the examination is properly conducted by the trustee and to discuss any issues with the trustee, such amendments of the bankruptcy schedules, over exempt assets, additional documents needed by the trustee, etc. Presence of the attorney at the 341 meeting can be critical for preservation of the debtor’s rights and assets in bankruptcy. Call us now for a free non-obligation consultation. (386) 248-3000.