When filing for bankruptcy, a creditors meeting is generally scheduled about 1 month after the filing of a bankruptcy petition. This hearing is conducted by the bankruptcy trustee, which is basically another attorney appointed as trustee from the US Bankruptcy Courts. The Trustee’s position is to ask certain questions to determine whether you have assets that are not exempt and can be sold off to pay back your creditors. It is rare to have the bankruptcy trustee sell assets in a bankruptcy proceeding. The hearing (or 341) begin by swearing you in and having you present license as well as your social security card. They then begin with the questioning, which usually takes anywhere from 30 seconds to 5 minutes long (and sometimes longer, depending on how complex your case is). The type of questions they may ask may be as follows:
*State your name for the record
*Did you read the bankruptcy petition prior to signing it?
*Did you understand the contents of the bankruptcy petition prior to signing?
*Have you listed all your debts and assets in the bankruptcy schedule?
*Have you sold or transferred any assets?
*Do owe any child support or alimony?
By the time you attend the creditors meeting, the bankruptcy trustee has already done through your bankruptcy petition, your tax returns, pay stubs etc. to determine what your financial situation is.
To learn more about filing for bankruptcy please feel free to visit our website at http://www.millermillerlaw.com
