Typical Questions Asked at the Chapter 7 Meeting of Creditors

The Meeting of Creditors is typically the only mandatory appearance most debtors will have to make in their bankruptcy proceeding. While it is a short and usually uneventful occurrence, it is a court hearing nonetheless and all answers are provided under oath and must be truthful and accurate. The bankruptcy trustee assigned to the case will call each case by the debtor’s name, verify the identity of each debtor with their driver’s license and social security card, check any other documents that were requested to be provided at the Meeting (for example, recent post-petition paystubs and file date bank statements), swear-in each debtor under oath to provide truthful testimony under the penalty of perjury, and then ask a series of mostly yes-no questions. Many questions asked at the Meeting of Creditors will repeat information that was already disclosed in the bankruptcy petition and schedules.

These are some of the common questions asked by the Chapter 7 trustee at the Meeting of Creditors in Minnesota (note: the questions asked at a Chapter 13 Meeting of Creditors are similar to this list but may be more extensive):

  • State your name and current address for the record.
  • Have you read the Bankruptcy Information Sheet provided by the United States Trustee?
  • Did you sign the petition, schedules, statements, and related documents that were filed with the court?
  • Did you read those documents before you signed them?
  • Are you personally familiar with the information contained in those documents?
  • To the best of your knowledge, is the information contained in those documents true and correct?
  • Are there any errors or omissions to bring to my attention at this time?
  • Are all of your assets identified on the schedules?
  • Have you listed all of your creditors on the schedules?
  • Are you married? Have you ever been married? If you are recently divorced, the trustee may also ask if you have any money or property still owed to you from the divorce.
  • Have you ever filed for bankruptcy before? If yes, when, where and what type?
  • Are you employed in the same job as when you filed bankruptcy?
  • Do you have a domestic support obligation, such as child support or alimony?
  • Do you own or have any interest whatsoever in any real estate? If yes, you may also be asked when did you purchase the real estate, did you take any equity out of the property in the past five years?
  • Have you given away any property or given any property within the last two years? If yes, what did you sell, how much was it worth and to whom did you sell it?
  • Do you have a claim against anyone or any business?
  • Are you the plaintiff in any lawsuit?
  • Do you have the right to sue anyone in a lawsuit?
  • Does anyone owe you money?
  • Has someone died and left you an inheritance? The trustee may also mention that if anyone dies in the next six months and you inherit something, it could become “property of the estate”. This means that you must report any such inheritance to your attorney and to the court.
  • In the 90 days prior to filing bankruptcy, did you pay any one unsecured creditor more than $600?  If yes, the trustee may want to know how much you paid total, to whom and may request to see copies of the checks/payments.
  • In the past six years, have you run any business? If yes, the trustee may ask questions about the nature of the business, what assets the business owns and what happened to the business if it is no longer operational.

Keep reading for more information on What Happens after the 341 Meeting of Creditors is Over

Located in Edina, Minnesota, Lynn Wartchow represents consumer bankruptcy clients in Chapter 7 and Chapter 13 filings in Minneapolis, St. Paul, Ramsey and Hennepin County, and throughout Minnesota.

What Should I Expect at the 341 Bankruptcy Meeting of Creditors?

If you have done basic research into the bankruptcy process, you will know that about one month after filing a bankruptcy petition and schedules there will be a mandatory hearing called the “341 Meeting of Creditors”, which is named after the section of the Bankruptcy Code that requires the hearing.

Clients often ask what to expect at the Meeting of Creditors, what they should bring to the Meeting of Creditors and what creditors will be present at the Meeting of Creditors.

For most people, the Meeting of Creditors is relatively uneventful: it’s typically held at the federal courthouse in a hearing room with people who filed bankruptcy around the same date that you did and their attorneys, all waiting for their names to be called so they can sit for the few minutes of questioning by the bankruptcy trustee assigned to their case. When your name is called, you can expect to go up and sit at the hearing table across from the trustee, and then be sworn in under oath to tell the truth, to confirm your name and address and then to answer some basic yes/no questioning for several minutes. If you have fully disclosed everything to your attorney and on your bankruptcy schedules, there should be no surprises and nothing new that comes up during the Meeting of Creditors. In the vast majority of cases, the trustee’s job is routine and they blandly conduct this hearing to determine if there are any non-exempt assets and to get your required testimony on record.

What should I bring to the Meeting of Creditors? In Minnesota bankruptcy cases, you should plan to bring your driver’s license and social security card, all paystubs received since the date that your case was filed, and also a bank statement that confirms the balance in each bank account on the file date of your bankruptcy case. If the trustee wants more documentation, they will either request it at the Meeting of Creditors or from your attorney.

Who shows up at the Meeting of Creditors? Usually, just you, your attorney and the bankruptcy trustee are present for a Meeting of Creditors. It is rare that any creditor will appear for a Meeting of Creditors, even though all creditors will receive notice of the scheduled time and date at least 21 days prior to the hearing. However, the only creditors who typically show up are ex-spouses or ex-business partners that feel jilted by the bankruptcy or, in some rare cases, individuals who have something to reveal to the trustee that was may not have been fully disclosed in the bankruptcy petition and schedules. Rarely does an everyday unsecured creditor make an appearance at the Meeting of Creditors. Even if a creditor or other party-in-interest shows up for the Meeting of Creditors, they are only allowed to ask questions related to the information contained in the schedules and are not allowed to use the Meeting of Creditors as an opportunity to ask unrelated questions.

Many people understandably feel nervous about their upcoming Meeting of Creditors, and inevitably all feel much relief once it is favorably concluded without incident. As long as you have fully disclosed all information in your petition and to your attorney, and you have the required documents and IDs on the hearing date, then the Meeting of Creditors should pose no concern. If you still feel anxious, just ask your attorney to spend a little more time helping you prepare for the Meeting of Creditors and/or provide a list of the sample questions asked at the Meeting of Creditors.

Keep reading for the Typical Questions Asked at the Chapter 7 Meeting of Creditors

Wartchow Law Office is a bankruptcy law firm located in Edina, Minnesota with  an exclusive practice in Chapter 7, Chapter 13 and Chapter 11 bankruptcy law,  representing individual consumer and business clients throughout the Twin Cities of Minneapolis and St. Paul, Minnesota.