Tips For The First Meeting of Creditors for either
(Also called the “341 Meeting” because it is found in Section 341 of the United States Code)
Chapter 7 or Chapter 13
Keep this simple rule in mind for your meeting: Be yourself by being honest.
The trustee (a person appointed by a bankruptcy court) is already familiar with your case, so it's likely they'll quickly move through some of the evaluation questions listed below.
"Most of the time the meeting lasts less than 5 minutes."
So, set aside your fears about any type of TV drama that might happen. It's typically very straight-forward, simple and easy. Plus, I'll be right by your side.
Top 25 Questions Asked by the Trustee during the First Meeting of Creditors
(The first ten are the most common.)
- 1. Can I see your License and Social Security Card?
- 2. Can you state your name please?
- 3. What is your mailing address?
- 4. Have you ever filed bankruptcy before, if so when, what chapter and in what state?
- 5. How long have you lived there?
- 6. Have you recently received an inheritance?
- 7. Do you expect to receive an inheritance within the following 6 months?
- 8. Have you read the bankruptcy petition filed with the court?
- 9. To the best of your knowledge is the petition complete and accurate?
- 10. Did you sign the petition and are you personally familiar with it?
- 11. Are the taxes on file accurate representations of the taxes you actually filed?
- 12. Can we have a current phone number where you can be reached?
- 13. When did you receive your last income tax refund?
- 14. Does the petition filed with the court accurately list all of your assets and liabilities?
- 15. Do you own your home and if you do, how long have you owned it?
- 16. Do you own any other property?
- 17. Have you received and read a copy of the Information sheet sent by the US Trustee’s office?
- 18. Are you married and if so what is your spouse’s name?
- 19. Do you have a job and if so, who is your employer?
- 20. How many people live in your home?
- 21. Have you sold any real estate in the last 12 months?
- 22. Have you paid any creditor more than $600 in the last 90 days?
- 23. Are you currently the plaintiff in any pending lawsuit?
- 24. Do you have a child support obligation and if so are you current?
- 25. If any expenses are unusually high the trustee will ask for an explanation. For example, if your expense for gas is high, please explain. Say something like, "I drive an F-350 V-10 and have a 40 mile daily commute."
Just remember, come prepared and just be truthful. If you do that, it should be smooth sailing.