Attending your First Meeting of Creditors (also called a Chapter 7 bankruptcy 341 meeting) can be scary. Many clients have been asking about what questions will be asked at their 341 meeting at the federal building in Des Moines. The point of the meeting is for the trustee to gather information about the debtor and the debtor’s case. Commonly, the meeting only lasts a few minutes. Creditors are notified of the meeting, but generally none of your creditors will attend. If they do attend, creditors are only permitted to ask a few questions. Under oath, the debtor will be asked a few simple questions by the trustee. To better prepare for a 341 meeting of the creditors, here are the nine most commonly asked questions:
- Is your address the same as when you filed bankruptcy?
- Have you ever filed bankruptcy before?
- Did you fully disclose and fairly value all of the property you own?
- In the past two years, did you sell or give away any property?
- In the past two years, did you give any gifts or loans more than $1,000?
- Did any creditors levy, garnish, or foreclose?
- Is (ex: Bank of the West) the only place you bank?
- Is (ex: 2001 Ford Taurus) the only vehicle you own?
- Have you paid $600 or more to any credit card/medical bill/unsecured loan in the past 90 days?
Don’t be intimidated by having to attend your bankruptcy meeting of creditors. 341 meeting questions are not difficult to answer and the entire process only takes a few minutes.
Contact Marks Law Firm to further discuss what will happen at your 341 meeting. Someone will be willing to take the time to answer your questions.