What happens at the 341(a) first meeting of creditors?

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A few weeks after your bankruptcy is filed a hearing is held with your Bankruptcy Trustee. This hearing is formerly called, the 341(a) First Meeting of Creditors and is conducted the Federal Court trustee who is appointed to ask you questions regarding your debts, assets, claims, and property. You’ll want to arrive to the hearing 30 minutes early, so you can listen to hearings prior to yours. This is very important as the questions are the same and you can think about how you will answer the same questions. At the beginning of the interview, you’ll be sworn in under oath to testify to the truth. Most of the questions asked can be answered yes or no. Please make sure you let the trustee know if you don’t understand the question or if it needs to be repeated.

There are no embarrassing or trick questions. Your attorney from OlsenDaines is there at the hearing to represent you. Although your attorney can’t answer the questions for you, they are there to help guide you and make sure all matters are resolved. Here is a list of questions that are commonly asked?

1. Do you have any right or claims to inheritance proceeds within the next six months?
2. Do you have any claims against third parties where you could sue someone, like a personal injury claim resulting from a motor vehicle accident?
3. Have you paid back any family members more than $600.00 in the year before filing your bankruptcy?
4. Have you transferred or gifted any property to friends or relatives in the past four years?
5. You also may be asked what you believe your home or vehicles are worth and how did you determine their value

Your attorney has already gone over these same questions as we have prepared your bankruptcy schedules and reviewed them with you prior to the filing of your case. The 341(a) meeting of creditor takes only about 10 minutes, but it is an important part of the bankruptcy process, and your receiving a fresh start from your debts. Please feel free to set up a free phone appointment with your attorney if you have any questions or concerns regarding the 341(a) meeting of creditors or if you have any other questions on your case. We are here to help you to get a fresh start.