Part of the bankruptcy process is meeting with creditors to discuss your financial situation. The 341 Meeting Of Creditors is simply a meeting between you, the creditors, the Trustee and your bankruptcy attorney. Although your creditors maintain the right to appear and ask questions, there is no need to be nervous about the meeting. In general, this meeting is nothing more than a discovery session, in which questions are asked in order to obtain a clearer picture of your financial situation. Some of the common questions you may be asked are:
1. Have you reviewed all of the bankruptcy related documents provided to you and completed by you? This question is to ensure that you have read through and understood all of the documents required by the court. If there are any documents missing, you may be granted time to complete them during the meeting or shortly thereafter.
2. Are the documents accurate and signed accordingly? This question is very important to the outcome of your case. If there are any discrepancies or changes that need to made, this is the time in which to make any necessary changes to your official documents.
3. Do you have any non-dischargeable debts? This question is referring to items such as back due domestic support payments, tax debts or student loan debts. While these debts are not dischargeable in bankruptcy, your payments will be prioritized to pay these accounts first.
4. Has your income situation changed since filing the case? This question is asked to determine if you have an additional income that could be used to resolve your debts in the bankruptcy case. If you have inherited money, obtained better employment or had any change in income it is important that you inform the court as soon as possible.
5. Have you ever filed for bankruptcy before? While this question usually has little bearing on the outcome of your case, creditors have the right to know if you have experienced financial trouble in the past. However, this question is used to confirm that you have waited the required time between filings.