Chapter 7 Meeting of Creditors – What Will the Trustee Ask?

The Chapter 7 Meeting of Creditors (a/k/a the 341 meeting) takes place about a month after the case is filed. At this meeting, the trustee assigned to the case asks questions of the filer relating mostly to assets and transfers. Most of the questions are a review of information already provided in the filed bankruptcy papers. Despite the name, it is unusual for a creditor to attend the Meeting of Creditors, though they may attend and ask questions if they like. While trustees can differ, and the details of each case can affect the questioning, here is a list of typical questions at this meeting:

Did you provide your attorney with everything requested to prepare the bankruptcy papers?

When you reviewed and signed the bankruptcy petition, schedules, and statements, were your answers filled in?

Have you read the US Trustee’s Information Sheet?

Were all assets and liabilities listed on the schedules?

Were all questions answered correctly on Statement of Financial Affairs?

Have you ever filed bankruptcy before?

(If you own real property) – What did you base the value listed on? When did you purchase it and for how much? If you sold it, what do you think you could get?

What vehicles do you own? What do you think you could get if you sold them?

Do you own any boats, jet skis, ATVs, etc?

Do you have an eBay account?

Do you own any other bank accounts other than what you listed?

Do you have any retirement accounts?

Do you have any stocks or other investments?

Do you expect to get a tax refund? What did you do with your previous tax refund?

Does anyone owe you money?

Have you ever had a personal injury claim?

Are you suing anyone?

Do you have any claims to life insurance benefits on a policy for anyone else’s life?

Do you expect to receive inheritance?

Have you ever owned your own business?

In the 3 months before filing, did you pay anything to creditors or use a credit card to pay another credit card?

In the 1 year before filing, did you pay any debts owed to family members?

In the 6 years before filing, did you sell anything or give anything away?

Do you have any child support or maintenance obligations?

While it is natural to be a little nervous prior to any legal proceeding, the Meeting of Creditors is usually quick (5-10 minutes average) and relatively painless.