What To Expect At Your Meeting of Creditors – San Diego Bankruptcy Attorney
When we file Chapter 7 bankruptcy petitions for our clients, we like to give our clients a clear understanding of what is going to occur and what they will be asked at their 341(a) meeting of creditors with the Chapter 7 Trustee.
When a Chapter 7 case is filed, a date and location is assigned for the case’s 341(a) meeting of creditors. The meeting is often referred to as a “341(a)” because it is authorized by 11 U.S.C. 341(a) of the Bankruptcy Code. All Chapter 7 filers are required to attend and be examined at this meeting. The meeting is administered by a Chapter 7 Trustee, who is appointed by the U.S. Trustee. The Chapter 7 Trustee’s task is to administer the case and liquidate any of the debtor’s nonexempt assets to distribute to his or her creditors. As a result, at your 341(a) meeting, the Chapter 7 Trustee will be looking to see whether there are actually any assets for him or her to liquidate.
The Chapter 7 Trustee will typically ask a series of introductory questions which need to be answered on the record. The Trustee will ask the debtor: (i) to state his or her name and address; (ii) to provide his or her picture I.D. and social security card; and (iii) whether he or she is familiar with the information filed in connection with the case and whether that information is correct or needs to be changed in any way. These are only a few of the introductory questions that the Chapter 7 Trustee will ask.
The Trustee may then ask a debtor specific questions relating to his or her case, in order to decide whether there are any assets to be liquidated in the case. These questions may include inquiries into real property ownership, business ownership, transfers of property, life insurance and inheritance proceeds, vehicle ownership, bank account information, and other inquiries aimed at locating any potential assets that a debtor may be entitled to.
As the name implies, creditors may also attend your 341(a). Like the Chapter 7 Trustee, creditors ask questions relating to locating assets to liquidate. However, creditors do not typically attend most 341(a) meetings for Chapter 7 cases.
We at VC Law Group make sure to reassure our clients is that there is no need to worry. While the 341(a) is recorded so that there is a record and the debtor is sworn in at the outset, it is nothing to stress about. So long as the debtor is truthful and does not attempt to hide anything from the Chapter 7 Trustee, the meeting usually only lasts a few minutes and few issues arise. If you have any questions about your meeting of creditors, please contact the VC Law Group at (858) 519-7333 or email at email@example.com.