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Last updated: Oct 3, 2020
How to Prepare for a Meeting of Creditors
Last updated: Oct 3, 2020
Written By:
Adam H. RosenblumYour Dedicated & Trusted Legal Team
3 Generations & 100+ Years of Combined Legal Experience
The Bankruptcy Code requires anyone who files for bankruptcy, whether under Chapter 7 or Chapter 13, to attend a meeting with their bankruptcy trustee. The trustee’s role is to ensure that the bankruptcy filings are accurate and that the creditors receive their share of the bankruptcy estate or payment plan. At the meeting of creditors (sometimes called a “341 hearing” because it is required by Section 341 of the Bankruptcy Code), the trustee will ask questions of the debtor to verify the debtor’s identity and the accuracy of the filings.
What do I need to do before the meeting of creditors?
To prepare for the meeting, the trustee will need certain documents within five business days of the meeting. The debtor is responsible for sending the trustee certain required documents:- Two months of pay stubs
- Two months of bank statements
- Two years of federal tax returns.
- Divorce decrees
- Car titles
- Mortgage paperwork
- Receipts for claimed expenses
- Proof of value for a vehicle or home
What happens at the meeting of creditors?
At the meeting of creditors, the trustee will first verify the debtor’s identity. The debtor will need to bring photo ID and proof of social security number for this. Then, the Bankruptcy Code requires the trustee to ask the debtor the following questions:- Whether the debtor has reviewed his/her bankruptcy schedules
- Whether the information on the schedules is true and accurate
- If any changes need to be made to the schedules
- Whether all debts and assets were listed on the bankruptcy filing
- How the debtor valued his/her home or car
- Whether the debtor has recently transferred any assets
- Whether the debtor is expecting an inheritance
- Whether the debtor has made any recent luxury purchases
Who should I contact to help me prepare for my meeting of creditors?
If you’re preparing for a meeting of creditors, you should get help from a lawyer. A bankruptcy attorney can go over your filings with you to make sure they’re accurate and that you’re prepared for any questions the trustee will ask. The attorneys at Rosenblum Law are experienced in bankruptcy law and can make sure your meeting of creditors goes as smoothly as possible. Email us or call 888-815-3649 today. Adam H. Rosenblum
About The Author
Adam is the founding attorney and principal of Rosenblum Law. With more than two decades of legal experience in numerous areas of law practice, his primary focus is law firm management and business development.
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