What happens at the 341 meeting of creditors?

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After you file for Chapter 7 bankruptcy, if everything goes right, you should end up at a 341 meeting of creditors. Named after section 341 of the Bankruptcy Code, this is a meeting at which the trustee assigned to your case, you, your lawyer, and any creditors who choose to appear will show up.

This does not mean that your creditors will necessarily show up at the meeting, but it’s possible. So what happens at these 341 meetings? The trustee goes through a list of questions that you must answer.

Here’s a list of some questions the trustee might ask:

1. State your name and current address for the record.

2. Please provide your picture ID and Social Security number card for review.

3. 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?

4. Are you personally familiar with the information contained in the petition, schedules, statements and related documents?

5. To the best of your knowledge, is the information contained in the petition, schedules, statements, and related documents true and correct?

6. Are there any errors or omissions to bring to my attention at this time?

7. Are all of your assets identified on the schedules? Have you listed all of your creditors on the schedules?

8. Have you previously filed bankruptcy?

9. What is the address of your current employer?

10. Is the copy of the tax return you provided a true copy of the most recent tax return you filed?

11. Are you expecting a tax refund?

12. Do you have a domestic support obligation? To whom? Are you current on your post-petition domestic support obligations?

13. Have you filed all required tax returns for the past four years?

14. Do you own or have any interest whatsoever in any real estate?

If owned: When did you purchase the property? How much did the property cost? What are the mortgages encumbering it? What do you estimate the present value of the property to be? Is that the whole value or your share? How did you arrive at that value?

If renting: Have you ever owned the property in which you live and/or is its owner in any way related to you?

15. 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)?

If yes: What did you transfer? To whom was it transferred? What did you receive in exchange? What did you do with the funds?

16. Does anyone hold property belonging to you? If yes: Who holds the property and what is it? What is its value?

17. Do you have a claim against anyone or any business? If there are large medical debts, are the medical bills from injury? Are you the plaintiff in any lawsuit? What is the status of each case and who is representing you?

18. Are you entitled to life insurance proceeds or an inheritance as a result of someone’s death? If yes: Please explain the details.

19. Does anyone owe you money? If yes: Is the money collectible? Why haven’t you collected it? Who owes the money and where are they?

20. Have you made any large payments, over $600, to anyone in the past year?

21. Were federal income tax returns filed on a timely basis? When was the last return filed?

22. Do you have a bank account, either checking or savings? If yes: In what banks and what were the balances as of the date you filed your petition?

23. When you filed your petition, did you have:

a. any cash on hand?

b. any U.S. savings bonds?

c. any other stocks or bonds?

d. any certificates of deposit?

e. a safe deposit box in your name or in anyone else’s name?

24. Do you own an automobile? If yes: What is the year, make, and value? Do you owe any money on it? Is it insured?

25. Are you the owner of any cash value life insurance policies?

If yes: State the name of the company, face amount of the policy, cash surrender value, if any, and the beneficiaries.

26. Do you have any winning lottery tickets?

27. Do you anticipate that you might realize any property, cash or otherwise, as a result of a divorce or separation proceeding?

28. Have you been engaged in any business during the last six years?

If yes: Where and when? What happened to the assets of the business?

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2 Responses to What happens at the 341 meeting of creditors?
  1. epiphany
    April 16, 2011 | 6:35 pm

    I think it is important to mention that the 341 is not as scary as most people think. If everything is on the up and up, the questions are a breeze to get through.

    Good luck to all,

    ep

  2. samantha
    March 22, 2012 | 12:05 am

    I had a brief conversation with the Trustee prior to attending the meeting of the creditors. I am filing bankruptcy WITHOUT an attorney. When he asked me who my attorney was I told him I did not have one. He said “That is a recipe for disaster”, while giggling. I said “actually it has gone well so far and he said, “Don’t count your chickens”. At the end of the conversation I said thank you for your time and I apologize for the inconvenience….(I had failed to furnish him with the proper paperwork)….He said, “Yea, well your not an attorney” It was a scary and awkward conversation.I already felt threatened by this trustee and my meeting is tomorrow morning…..

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