341 Creditors Meeting


After you have filed for Chapter 7 bankruptcy, the bankruptcy court's will assign a hearing date for a 341 creditors meeting as required under Section 341 of the Federal Bankruptcy law. The trustee assigned to the debtor's case is responsible for reviewing the debtor's bankruptcy papers  Although most of these hearing are fairly routine, some become very anxious over what might happen to them at the 341 creditor hearing.


When you are answering questions, be sure you fully understand the question before answering it. If there is anything about the question you don't understand, ask for clarification..ie "what do you mean?", instead of answering. Thus, always be sure you understand the question you are being asked.


Never guess at an answer because you will be swore under oath to tell the truth and nothing but the truth and guessing isn't telling the truth. By guessing, you are not helping anybody understand what really happened. If you don't know..just say "what do you mean; I don't understand the question".


Never volunteer information. The shortest truthful and complete answer is always the best. Where possible, truthful and complete, "yes" and "no" answers are best. If the clarification is required with a "yes" or "no" answer, make it very short. Volunteering information never helps you, it only hurts you.


Here are some of the common questions a trustee might ask at a Meeting of Creditors:

Trustee will start off by saying: State your Name and Address for the Record

  • Did read your bankruptcy papers before you signed them?
  • Did you read and sign the meeting questionnaire?
  • Did you understand the questionnaire?
  • Did you list all your assets?
  • Did you list all you liabilities?
  • Did you list all your income?
  • Is there any reason to make any changes to your schedules?
  • Have you transferred any property or money to any family members in the last year?
  • If you are married but filing separate, did you list all of your spouse asset?
  • Are there any creditors present?


The trustee might ask other specific questions that may be unique to your case. If your meeting is concluded, you will have no other obligations beyond completing the course in debtor education and any other instructions the trustee may give at the meeting.






 


 

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