341 Meeting

| Jan 29, 2011 | Bankruptcy |

When a debtor files for protection under the Bankruptcy Code, there are certain timelines and requirements that are laid out in the statutes.  One, when you file there is a first meeting of creditors to be presided over by the trustee under section 341 of the Code.  Typically, this meeting occurs somewhere around 45 days after the bankruptcy is filed.

At the meeting, the trustee or any creditor can ask questions about the debtor’s assets and liabilities as of the date of the petition.  Also, they can ask questions about whether the debtor’s income has changed or whether the debtor anticipates any increase in income.  

Common questions are:

1.  Have you had the opportunity to review your petition, schedules, and statement of financial affairs?

2. Are all of your assets and liabilities listed?

3. Do you have any additions or deletions to make?

4.  Is all of your interests in real estate listed?

5.  Is all of your personal property listed?

6.  Have you transferred any property in the last 2 years?

7.  Is anybody holding any property that belongs to you?

8.  Are you able to save any money at the end of the month?

9.  Can you sue anybody for any reason?

10.  If you become entitled to or receive any windfall or inheritance within the 180 days after you filed the bankruptcy, will you agree not to spend that money until the trustee gives you written permission to do so?