By Bankruptcy Info Blog | August 12, 2014 at 05:45 PM EDT | No Comments
When a debtor files a Chapter 7 Bankruptcy he has to attend one meeting with a person called a “Trustee”. After being told about this meeting my clients invariably exhibit signs of anxiety and worry.
I’m here to tell you to stop biting your nails. You aren’t going to jail. You aren’t going to lose everything you have. You aren’t even going to appear in front of a Judge. And I will be with you every step of the way.
A Trustee’s Meeting is also known as a 341 Meeting or a Creditor’s Meeting. In almost every case no creditors bother to show up to the meeting. A Trustee is merely a lawyer who has been assigned to review your case. His job is to see if there are any assets available AFTER EXEMPTIONS to administer for the benefit of creditors. In most of my cases ALL of my client’s assets are exempt. In other words, you get to keep everything you have.
Bring your driver’s license and social security card to the Trustee’s Meeting. There isn’t anything else you have to bring.
These are typical questions the Trustee will ask you:
– Did you read the bankruptcy schedules before you signed the Declaration of Electronic Filing?
– Did you list all your assets and all your liabilities on the schedules?
– Do you own any real estate and if so what is the fair market value?
– Do you have a claim against anyone, such as a personal injury lawsuit?
– Does anyone owe you any money?
– Do you expect to receive an inheritance in the next six months?
The typical Trustee’s Meeting takes five minutes or less.
At the end of the meeting the Trustee makes a finding of “NO ASSETS” to administer.
So don’t lose a second of sleep over the Trustee’s Meeting. Relax.
Give me a call or send me an email if you have any questions at all. I would love to hear from you.