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? The answer should be simple (unemployment, medical problems, decrease in income, gambling, disability, etc.)

  • 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?

  • Have you filed for bankruptcy before? When? Where? Did you received a discharge?

  • 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 the copies of the tax returns your submitted true copies of the tax returns you filed with IRS?

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

  • How did you spend your tax refund?

  • How long have you lived in Florida?

  • Do you owe anyone domestic support obligations (child support, alimony)?

  • Have you transferred any property in the last two years?

  • How did you value your property (house, car, etc.?)

  • How long have you lived in your current house?

  • Do you have any joint debts with your spouse?

  • When did you last pay your credit cards? Have collectors been calling you since you stopped paying credit cards? Which collection called you the most?

  • Have you repaid any debts to family or friends in the last year?

  • Can you afford your proposed payment plan? Do you believe you can complete this repayment plan?

  • Is financial contribution to your household by X steady and guaranteed or does it fluctuate? Will it continue for the next 60 months?

  • Does the contributing member X have his/her own independent source of income, like Social Security or a pension, that he/she is using to make this contribution?

  • Have you filed all required federal tax returns for the last four years, including the recent tax year return?

  • Are you current on your mortgage?

  • What caused you to fall behind on your mortgage in the first place?

  • Do you expect to maintain the steady income you have listed on Schedule I going forward?

  • Do you have ongoing expenses that are not listed on your Schedule J?

  • Have you made your first Chapter 13 plan payment? When?

  • Are you current on plan payments as of today?

  • Do you understand that you must continue making payments while the case is pending?

  • Do you understand that missing payments can result in dismissal of your case?

  • Has your income changed since the petition was filed?

  • Do you expect your income to increase or decrease during the Chapter 13 plan term?

  • Are you receiving overtime, bonuses, commissions, or seasonal income?

  • Are you self-employed, and if so, are your business records and tax returns current?

  • Do you anticipate any large expenses that could affect your ability to make plan payments?

  • Have your monthly living expenses changed since filing?

  • Are you maintaining homeowner’s insurance on the property? Is the property currently insured?

  • Are property taxes and insurance being escrowed through the mortgage? If not escrowed, how are you paying them?

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.

Contact Us Now