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Here’s A Few Things You Can Expect at the Chapter 7 Meeting of Creditors

By Phoenix Bankruptcy Attorney on June 20, 2022

What is the Chapter 7 Meeting of Creditors?
If you have been looking into filing a chapter 7 bankruptcy, you may have come across the 341 Hearing, or Meeting of Creditors. When you hire us to represent you in your bankruptcy, we handle every aspect of your case, including preparation for and attendance at the Meeting of Creditors.

What is the purpose of the Meeting of Creditors?
The Meeting of Creditors is a hearing conducted by a bankruptcy trustee, who represents the interests of your creditors. So, the trustee will be asking questions to make sure you haven’t omitted any assets, creditors, etc., out of your bankruptcy petition. Your creditors are also allowed to attend and ask you questions, but they seldom do in most cases.

When does it take place?
When you file your case, the court will set the meeting approximately one month after your filing date. While the meeting itself usually takes about five minutes, you will need to wait for your case to be called, so set aside one hour. The hearing will take place at a courthouse or via telephone. Your attorney will work with you to submit documents to the trustee before the meeting. These may include:

  • A questionnaire from the trustee
  • Your photo ID and social security card
  • Bank statement that includes the filing date
  • Paystubs received before and after the filing date
  • Most recent tax returns

What to expect?
You will be in a room with several other people (or on a conference call). The trustee will verify your ID and social security number. He or she will then ask a series of questions, which you must answer under oath. These questions may include:

  • Have you filed bankruptcy within the last 8 years?
  • Have you lived in Arizona for the last 2 years?
  • Do you have a personal injury claim or claim for insurance proceeds?
  • Have you turned down an inheritance in the past or do you anticipate an inheritance in the near future?
  • Did you review the petition, schedules, statements, all the paperwork filed in your case?
  • Did you sign those documents?
  • Did you disclose all of your assets or property?
  • Did you disclose all of your liabilities or debts?
  • Is everything true and accurate to the best of your knowledge?
  • Are there any changes you need to bring to the trustee’s attention?
  • After you have answered the questions, the trustee will conclude the meeting, and you will be free to leave.

Posted in: Bankruptcy

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