Mesa Bankruptcy Law Office
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1731 W. Baseline Rd.
Mesa, AZ 85202
Phoenix Bankruptcy Law Office
668 North 44th Street, Suite #300
Phoenix, AZ 85008
Glendale Bankruptcy Law Office
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20325 N. 51st Ave.
Glendale, AZ 85308
Tucson Bankruptcy Law Office
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2 East Congress St. Ste. 900
Tucson, AZ 85701
The 341 Meeting of the Creditors
About a month after filing either a Chapter 7 or Chapter 13 bankruptcy, the debt is required by the bankruptcy code to appear before the trustee. The debtor, the bankruptcy filing lawyer, and the trustee sit at a conference table and the debtor is required to take an oath and answer the trustee’s questions. The meeting will also give an opportunity for creditors to appear, however they usually do not show up. The meeting is largely a formality.
Typical questions asked by the trustee at the 341 meeting include:
- Did you list all of your assets?
- How did you determine the values you gave for your assets?
- State your name and address
- When filing your bankruptcy petition did you list all of your assets and all of your liabilities?
- What are your current bank account balances?
- Are you owed any wages?
- Do you expect to inherit any money in the next six months?
- Have you given way anything in the last six months?
- Have you given money to a family member more than $1000 in the last year?
- Do you expect to receive a tax refund this year?
- Do you own any fire arms?
- Do you own any real estate?
- If so what is the value of that real estate?
- How did you arrive at the value of that real estate?
- Do you own any vehicles?
- Did you list all of your debts?
- Do you own season tickets to anything?
- Did you read the bankruptcy petition schedules before signing them?
- Are the bankruptcy petition schedules accurate?
- Do you want to make any corrections to the bankruptcy petition schedules?
- Have you destroyed your credit cards?
Typically the meeting of the creditors only lasts 15 minutes or less. It is best to answer questions at your 341 meeting with a ‘yes’ or a ‘no’ if possible. The trustee’s job is to determine if your estate has any assets, if so, the trustee will administer those assets and will determine whether or not you will receive a discharge. Our experienced bankruptcy lawyers will help prepare you for your 341 meeting of creditors.
If there are questions the trustee asks you which you do not understand, ask the trustee to repeat the question. Answer all questions honestly. If issues arise, your bankruptcy attorney will be sitting next to you to assist you. We will make sure that your entire bankruptcy experience is as trouble free and enjoyable as possible. Our experienced bankruptcy attorneys and staff are on your side and there to support you.