341 MEETING OF CREDITORS

341 Meeting of Creditors - Meeting Room

341 MEETING OF CREDITORS

In every bankruptcy, whether filing Chapter 7 or Chapter 13, a Trustee is appointed to the case and a 341 Meeting of Creditors is scheduled. Appearance by the individual filing for bankruptcy (the Debtor) is required at this meeting. While all creditors are notified of this meeting/hearing, the actual creditors may to appear - this is so because the bankruptcy Trustee represents their interests. However, a creditor may decide to appear individually at the 341 Meeting of Creditors and ask questions to the Debtor.

The purpose of the 341 Meeting of Creditors is for the Trustee and other creditor representatives to review the petition with the Debtor and confirm the accuracy of its information. The Trustee will make a determination whether or not to object to the desired outcome of the Debtor. In Chapter 7 cases, the Debtor is seeking a discharge of their debt due to their inability to make payments. In Chapter 13 cases, the Debtor is seeking confirmation of their plan to make payments based upon an amount required to be repaid in accordance with the bankruptcy laws. In either case, the 341 Meeting of Creditors is a valuable tool for the Trustee to help assess whether or not the Debtor's circumstances warrant a Chapter 7 discharge (in Chapter 7 cases) or confirmation of the filed plan (Chapter 13 cases).

341 MEETING QUESTIONS THE BANKRUPTCY TRUSTEE WILL ASK

The Chapter 13 Trustee, the person tasked with administering your case, must ask all bankruptcy filers mandatory questions at the 341 meeting. Here are some of the questions you can count on being asked:

  • Is the address on the petition your current address?
  • Did you sign the petition, schedules, statements and related documents and is the signature your own?
  • Did you read the petition, schedules, statements and related documents before you signed them?
  • Are you personally familiar with the information contained in the petition, schedules, statements and related documents?
  • To the best of your knowledge, is the information contained in the petition, schedules, statements and related documents true and correct?
  • Are there any errors or omissions to bring to my attention at this time?
  • Are all of your assets identified on the schedules? Have you listed all of your creditors on the schedules?
  • Have you previously filed bankruptcy?
  • What is the address of your current employer?
  • Is the copy of the tax return you provided a true copy of the most recent tax return you filed?
  • Do you have a domestic support obligation? To whom?
  • Have you read the Bankruptcy Information Sheet provided by the United States Trustee that explains the differences in bankruptcy?

QUESTIONS THE BANKRUPTCY TRUSTEE MAY ASK AT THE 341 MEETING OF CREDITORS

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:

  • Do you own or have any interest whatsoever in any real estate?
  • Have you made any transfers of any property or given any property away within the last one-year period (or such longer period as applicable under state law)?
  • Does anyone hold property belonging to you?
  • Do you have a claim against anyone or any business?
  • Are you the plaintiff in any lawsuit?
  • Are you entitled to life insurance proceeds or an inheritance as a result of someone's death?
  • Does anyone owe you money?
  • Have you made any large payments, over $600, to anyone in the past year?
  • At the time of filing your petition, were you entitled to a tax refund from the federal or state government?
  • Do you anticipate that you might realize any property, cash or otherwise, as a result of a divorce or separation proceeding?

At the Law Offices of Michael Schwartz, we will thoroughly prepare you for the 341 Meeting of Creditors. You will be provided several weeks notice regarding when this meeting will take place. Since the pandemic, this meeting has been held virtually, either by Zoom or by telephonic conference call. Prior to the meeting date, you will be called into the office to review your case and prepare you for the questions that are expected to be asked. At the Law Offices of Michael Schwartz, we take pride in providing the necessary resources so that you are comfortable for this meeting. We will review the questions to be asked in advance of the meeting so that you are fully prepared to answer the trustees questions.

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