What questions are asked at a 341 meeting?

8. Trustees Are Required to Ask Standard Questions at the 341 Meeting.

• Did you review your bankruptcy schedules prior to signing?
• Are your bankruptcy schedules true and accurate?
• Did you supply this information to your lawyer?
• Do you have to make any changes to your schedules?

How does a Chapter 7 bankruptcy case work?

Common Questions Asked About Chapter 7 Bankruptcy. What is Chapter 7 and how does it work? Chapter 7 is that part of the federal bankruptcy laws permitting a person to discharge certain debts by filing a case in the bankruptcy court, turning all of his or her nonexempt property over to a trustee, and obeying the orders and rules of the court.

What are trustee questions in Chapter 7 bankruptcy?

Trustee Questions in Chapter 7 and Chapter 13 Bankruptcy. In Chapter 7 bankruptcy, the trustee pays your creditors with proceeds obtained from the sale of your nonexempt assets.

What happens to a debtor in a Chapter 11 bankruptcy?

Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.

Who is not an individual in Chapter 7 bankruptcy?

Those who fail to satisfactorily explain any loss or deficiency of their assets; Those who refuse to answer questions or obey orders of the bankruptcy court, either in their case or in the case of a relative, business associate, or corporation, or; The debtor is not an individual.

Trustee Questions in Chapter 7 and Chapter 13 Bankruptcy. In Chapter 7 bankruptcy, the trustee pays your creditors with proceeds obtained from the sale of your nonexempt assets.

What are some good questions to ask a bankruptcy attorney?

If you are planning to hire a lawyer to help you with your bankruptcy case, you should shop around. Ask each attorney some basic questions; the answers will tell you a lot about the attorney’s style and strategy. Should I file Chapter 7 or Chapter 13?

What happens at the meeting of creditors in bankruptcy?

The meeting of creditors is where the bankruptcy trustee and any interested creditors can ask you questions about your bankruptcy papers and financial affairs while you are under oath. The trustee’s job is to make sure that you are not abusing the bankruptcy system or lying on your bankruptcy petition.

When to expect a Chapter 7 bankruptcy case?

You can anticipate a Chapter 7 case to be filed shortly after you pay the entire retainer amount. Chapter 7 lawyers require full payment to avoid having the balance owed discharged, making it uncollectable. By contrast, most filers pay less than the agreed amount to start a Chapter 13 case and pay the remainder through the repayment plan.