Filing Bankruptcy: What to Expect During the Meeting of Creditors
Chapter 7 and Chapter 13 bankruptcy filers in Nevada attending a meeting of creditors (a 341 meeting) should anticipate questions mainly touching on their earnings, property, financial assets and liabilities, and their conduct. These questions are usually asked by a bankruptcy trustee appointed by the court. Although creditors can be part of these meetings, they rarely attend.
341 meetings happen in quick succession once the designated bankruptcy court or meeting rooms are opened. Consequently, debtors need to adequately prepare before attending the meetings. In Las Vegas, bankruptcy lawyers know what happens during 341 meetings and can guide debtors through the process. Bankruptcy lawyers can also help debtors make statements and respond to questions in a manner that presents their information correctly.
Documents that Debtors Should Carry to 341 Meetings
Identity confirmation is an integral part of the 341 meetings. It seeks to confirm the real identity of the debtor. Some of the identification documents that the debtor must bring to the meeting include a recent photo, social security card, or proof of social security number. Other documents include a copy of a recent payslip and bank statement. Debtors must also provide the trustee with a recent copy of filed tax returns, dating at least seven days before a scheduled 341 meeting.
Preparing for a 341 Meeting
Debtors should expect several 341 meetings scheduled at the same hour as theirs because that is the norm. The bankruptcy trustee announces a case and attends to it. The trustee asks several routine questions and seeks more information regarding any issues or matters requiring more clarification. Creditors rarely attend a 341 meeting. The meeting mostly takes ten minutes or less.
Types of Questions Asked During a 341 Meeting
The trustee mainly asks questions that are nearly standard to all bankruptcy filers. At a minimum, the questions asked by the trustee revolve around:
- Whether the debtor reviewed the bankruptcy petition and plans prior to filing them with the court.
- Truthfulness and accuracy of the information contained in the bankruptcy documents
- Income changes that have happened since filing bankruptcy
- Full disclosure of all assets and listing of all creditors
A bankruptcy trustee might also ask debtors discretionary questions on the valuations of their homes and cars, any anticipated inheritance, and outstanding debts. The trustee asks these questions to verify the information given by the debtor with the details contained in the filed bankruptcy documents.