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What Will I be Asked at My Creditors' Meeting?

Posted on in Bankruptcy Attorney Illinois
What Will I be Asked at My Creditors' Meeting?

The bankruptcy process has multiple stages. You must meet certain requirements before your case can be finalized. One of these requirements is the meeting of the creditors, also known as a 341 meeting. This meeting is part of the process for both Chapter 7 and Chapter 13 bankruptcy cases. At this meeting, the filer and his or her bankruptcy trustee meet with his or her creditors to verify certain pieces of information about the case. It is mandatory for the bankruptcy filer to appear at his or her 341 meeting. It is not mandatory for his or her creditors to appear at this meeting, which can mean that the filer meets only with his or her trustee.

At a 341 meeting, the creditors and trustee may ask the filer any relevant questions about the case. Below are a few examples of questions you may face at your meeting.

Are you Required to Pay Any Spousal or Child Support?

Certain debts can be discharged through bankruptcy. Others, such as your debt from unpaid child and spousal support, cannot be discharged.

Did you Disclose All your Assets?

At the beginning of the bankruptcy process, you must disclose all of your assets to your bankruptcy trustee in order to develop a realistic plan for your bankruptcy. At your 341 meeting, your trustee may ask this to verify whether there are any assets you failed to disclose.
Bring all documents related to your disclosed assets to the meeting, such as your bank statements, titles to your assets, and pay stubs.

Are you Current on All your Tax Returns?

In order to complete a Chapter 13 bankruptcy, you must not have any outstanding tax returns from the past four years. Your bankruptcy trustee may ask this in order to determine if you need to get caught up on your tax returns before you can move forward with the bankruptcy process.

Do you Own a Business or an Interest in a Business or Partnership?

All of your assets must be disclosed in a bankruptcy filing. This includes your interest in a business or partnership, regardless of how much of your income that interest provides.

Have you Transferred Any Property or Security Assets in the Past Two Years?

This is asked to determine if you have made any fraudulent transfers. Fraudulent transfers are transfers made to keep assets from being subject to bankruptcy-related actions. If you are found to have made a fraudulent transfer, the court may require that the transfer be undone.

Work with an Experienced Elk Grove Bankruptcy Lawyer

If you are considering filing for bankruptcy, speak with an experienced bankruptcy lawyer about what to expect from the process. Your bankruptcy will involve a creditor meeting, which your lawyer can help you prepare for ahead of time. Contact our team at Newland & Newland, LLP today to set up your initial consultation with our firm. We serve clients in the Arlington Heights, Palatine, Rolling Meadows, Libertyville, Mundelein, Buffalo Grove, Schaumburg, Elk Grove, and Itasca areas.

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