How to File Bankruptcy Manual

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These are the questions you will be asked at the 341 meeting of creditors.  The Trustee will already have documents you gave us.  He reviews your bank statements and taxes to insure you didn’t give creditors or family money or assets just before filing. He also reviews the mortgage and car titles to make sure liens are properly filed.  It is rare, but property may belong to him if the bank didn’t file their lien properly.  If your lender sent a reaffirmation to us now is the time to sign and file it.    If you owe a lot more than what your car is worth you must file a motion to redeem to buy it before the 341 meeting.  If you need to surrender property a creditor may appear at the hearing to set a time and place to pick up a car but often they don’t appear and may not pick it up for months.  It is also time to finish that debtor education class.

The 341 will be much easier if you know the questions you will be asked. Some questions are required to be asked by the Trustee.  He can ask for any relevant documents about your finances and transfers of property. The purpose of the 341 meeting is to insure the petition is accurate and that you have listed all the property, debts, transfers, income, and expenses. The Debtor has a duty to make his best efforts to repay any debt and to prepare an accurate petition. You are rewarded by obtaining the discharge and a budget he can live on.

The Trustee earns about 25% of anything he can take from the Debtor so be careful in the preparation of the petition and use a qualified attorney. If you have read our book these questions should be easy to answer. Just always tell the truth, get an understanding of the law from our manual and prepare an accurate petition. Our website it designed to help deserving people who need help. Be sure to share the materials on Facebook, Pinterest, Twitter etc and leave us a nice review if we did a good job. If you have a suggestion let us know.

Trustee questions at the bankruptcy 341 meeting of creditors

  1. Please state your name, and address for the record. I will need to see your photo id and proof of your social security number?
  2. Have you read the Bankruptcy Information Sheet provided by the United States Trustee?
  3. Did you review and sign the petition, schedules, statements, and related documents you filed with the court?
  4. Are you personally familiar with the information contained in the petition, schedules, statements and related documents?
  5. To the best of your knowledge, is the information contained in the petition, schedules, statements, and related documents true and correct?
  6. Are there any errors or omissions to bring to my, or the court’s, attention at this time?
  7.  Are all of your assets and creditors listed in the schedules?
  8. Have you filed bankruptcy before?

Bankruptcy 341 Meeting of Creditors Optional Questions

  1. Do you own or have any interest in any real estate? When did you purchase the property and what did you pay for it? How did you determine it’s value. What mortgages are on it?
  2. Have you sold or transferred any property away within the last two years. What was it worth, who did you sell it to, what did you get with the money and what did you do with the money you received?
  3. Is anyone holding property belonging to you?
  4. Do you have a claim against anyone or any business?
  5. Have you been injured and can you sue for any injury? If you have and you have sued what is the status of that case and who is your lawyer?
  6. Are you entitled to life insurance or an inheritance?
  7. If you become a beneficiary of anyone’s estate within six months of the date your bankruptcy petition was filed, the trustee must be advised within ten days through your counsel of the nature and extent of the property you will receive. FRBP 1007(h)
  8. Does anyone owe you money?
  9. Have you transferred or sold anything over $600, to anyone in the past year? If so to whom?
  10. Please produce copies of the state and federal tax returns for the last 2 years. If you have a pending refund coming to you the Chapter 7 trustee in Indiana may want it. The year after you file a Chapter 13 in Kentucky you will lose that refund and all other refunds until your Chapter 13 ends.
  11. What was the bank balance on the date of your filing?
  12. What is the value of your car, what do you owe on it and is it fully insured?
  13. Do you own any life insurance with a cash value?
  14. Do you have any winning lottery tickets?
  15. Do you anticipate that you might realize any property, cash or otherwise, as a result of a divorce or separation proceeding?
  16. Do you understand what a reaffirmation and redemption are. If you are going to reaffirm a debt which debt will you reaffirm?
  17. What businesses have you operated?

Bankruptcy 341 Meeting of Creditors Business Questions

  1. Who prepares and possesses the business financial records?
  2. Where are the financial records?
  3. Were they properly prepared and maintained?
  4. What records were maintained?
  5. What years or periods were they prepared?
  6. Please produce the income tax returns for the business?
  7. What accountants were employed?
  8. Do you have the reports from the accountants? If not where are they?.
  9. Please produce the bank account statements and cancelled checks?
  10. Please produce the insurance policies?
  11. Please produce any corporate minutes?
  12. Are there any accounts receivable? Who owes the business money. Can it be collected?
  13. What inventory or property remains?