Bankruptcy – Common Trustee Questions at Meeting of Creditors

When a debtor in a bankruptcy attends their 341 hearing (First Meeting of Creditors) they will be asked questions by the Trustee.  It is the same whether an individual or married couple file a Chapter 13 or a Chapter 7.  Below are the most common questions that are asked by the Trustee.  In most instances the Trustee will not ask nearly all of these questions and he may limit them to only a few after reviewing the documents supplied to the Trustee prior to the meeting of creditors.  After reviewing the questions you will realize there is no reason to be nervous.

  • Have the Petition, Schedules, and Statement of Financial Affairs been explained to you by counsel before you signed them? 
  • Are the Petition, Schedules, and Statement of Financial Affairs complete, true, and accurate?
  • Within one year of the filing of your bankruptcy have you made any payments, or transferred any property, on a debt to a family member, friend, or business associate in excess of $1,000?
  • Are you owed any money?
  • Are you a beneficiary under a will or insurance policy where someone has died?
  • Are you the beneficiary or trustee of a trust?
  • Have you made any payments or transferred any property to any person or entity, within one (1) year of filing bankruptcy (including balance transfers on credit cards)?
  • Do you have, or have you had in the past five (5) years, any interest in any corporations, partnerships, LLP’s or LLC’s?
  • Are you seeking recovery in any current lawsuits, or do you believe you have, or may have grounds to file a lawsuit or counter-suit, whether you desire to do so or not?
  • Has anyone garnished or seized money or property from you within three (3) months of the date you filed this case?
  •  Have you liquidated any retirement or other investments in the past year?
  •  If you own or have owned any real property in the past two (2) years, have you refinanced that property in the past two (2) years?
  • Are you obligated to pay on a domestic support obligation, defined as a separation agreement, divorce judgment, property settlement, Court order, or determination by a governmental unit?
  • Have you continually resided in the State of Michigan for the two (2) years prior to the filing of your case?  

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