When you file for bankruptcy, you will be required to attend a hearing known as a meeting of creditors (also called a 341 hearing). During the meeting, you will answer questions related to the information you provided in your documents. A bankruptcy trustee appointed to your case will conduct the meeting and ask the questions.
The trustee asks these questions to verify that the information you provided in your documents is true and accurate. The trustee will also determine whether you possess any property that can benefit the bankruptcy estate. You will confirm under oath that there are no discrepancies or errors that do not comply with Minnesota bankruptcy laws.
What Is the Trustee Looking for?
The trustee is looking for omitted or undervalued assets, undisclosed income, or any intent to commit fraudulent activity. The trustee is also looking for any other information that could benefit your creditors. If the trustee does not contest the information that you provide, then the meeting of creditors will be short with no further questions.
Common Questions a Trustee May Ask
Below are some of the questions you can expect a trustee to ask during a meeting of creditors.
● Are you familiar with your bankruptcy paperwork information?
● Did you review and sign your bankruptcy petition and schedules before you filed them?
● Is all of the information in your bankruptcy paperwork complete and accurate?
● Did you list all of your property?
● Are all of your creditors listed in your bankruptcy schedules?
● What is your gross monthly income?
● Have you filed for bankruptcy previously?
● Are there any changes or omissions you wish to make?
● Do you pay alimony or child support?
● Are all of your tax returns current?
● Have you given away or transferred any property within the last two years?
● Do you have any new charges on your credit cards?
● Have you paid creditors within one year of your bankruptcy?
● How did you value your property?
● Do you have a business, corporation, or partnership?
● Is your home or car currently insured?
How Your Bankruptcy Lawyer Can Help You
A bankruptcy lawyer can help you with your case in the following ways:
● Gather all documents pertaining to your case
● Process and prepare all the paperwork you need for the meeting
● Submit all requested documents to the trustee before, during, or after the hearing
● Manage all financial information including your assets and expenses
● Check and double check that all paperwork is complete, accurate, and compliant with Minnesota bankruptcy law
● Interact with the trustee and answer all questions on your behalf
● Fight for your rights and minimize your financial losses
A bankruptcy lawyer in Minneapolis, MN can listen to your case, answer your questions, and represent you in court. With a lawyer on your side, you don’t have to feel overwhelmed by the bankruptcy process or intimidated by the courts.
Schedule a Free Consultation with Ron Lundquist Today
If you are considering bankruptcy as a way to relieve your personal or business debt, then contact Ron Lundquist. Our law firm provides legal services to help individuals, families, and businesses get the fresh starts they need by eliminating their debts. Our goal is to give you the legal leverage you need to reduce debt while keeping your assets.
To schedule a free, no-obligation consultation with our bankruptcy law firm in Minneapolis, Minnesota, contact us today at 651-454-0007.