Meeting of creditors

Examination of Debtor

The meeting of creditors is held by the bankruptcy trustee between 20-40 days after bankruptcy filing and it usually lasts about 5-10 minutes.

Creditors may attend, however they rarely do.

At the meeting, debtors need to provide proof of their identity and a social security number.

During the informal meeting, the trustee reviews all information provided by the debtor and questions the debtor under oath concerning their assets and debts.

The questioning may only relate to (1) the debtor’s acts, conduct, or property; (2) the debtor’s liabilities and financial condition; (3) any matter that may affect the administration of the debtor’s estate; or (4) the debtor’s right to a discharge.

In a Chapter 13 case, the examination also may relate to (1) the operation of any business and the desirability of its continuing; (2) the source of any money or property the debtor acquired or will acquire for the purpose of consummating a plan and the consideration given or offered; and (3) any other matter relevant to the case or to formulating a plan.

The trustee may ask the following general questions:

  • Why are you filing for bankruptcy?

  • Have you read the Bankruptcy Information Sheet provided by the United States Trustee?

  • 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 your property and debts?

  • Do you need to make any corrections to your schedules and statements?

  • Does anyone owe you money?

  • Can you sue anyone for damages or injuries?

  • Do you anticipate receiving life insurance proceeds or an inheritance as a result of someone’s death within the next six months?

  • Did you file your tax return for the recent year?

  • Are you expecting or did you get a tax refund?

  • How did you spend your tax refund?

  • Can you afford your proposed payment plan?

How Can We Help?

In addition to general questions listed above, the trustees ask case-specific questions. For example, the trustee may ask the debtor about significant and/or out-of-the ordinary bank deposits, transfers, and payments or about any obvious discrepancies between the bank statements and the reported income and expenses. The trustee may request the debtor provide additional bank statements or pay stubs.

The trustee may question the debtor about their property, such as the type and condition of property, the ownership status, or the debtor’s valuation of it. The trustee may even ask the debtor to provide photographs of the property after the meeting.

When you are represented by an attorney, the attorney can anticipate what case-specific questions may be asked at the meeting to prepare the debtor for the examination. The attorney also will attend the 341 meeting with the debtor to ensure the examination is properly conducted by the trustee and to discuss any issues with the trustee, such amendments to 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.

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