Several weeks after your Minneapolis Chapter 7 bankruptcy case is filed, you will be required to attend a Meeting of Creditors, also called the 341 hearing. The court will send out a notice of the location, date, and time a few days after your case is filed. The meeting of creditors is a court proceeding, but is not usually conducted in a courtroom. It may be held in a conference room at a courthouse or other location. The trustee appointed in your case facilitates this meeting and your attorney will make sure you are represented at this meeting. The meeting usually lasts less than 15 minutes and you can expect to be at the location about an hour.
The meeting is the Bankruptcy Court’s opportunity to verify your identity and conduct fact-finding regarding the information you filed in your bankruptcy papers (Petition). You will be put under oath and asked questions, but you are not on trial and no one will be trying to trick you or trip you up. You may be asked to follow up with additional information or documentation regarding your case.
Even though this proceeding is called the “meeting of creditors,” it does not mean that all of your creditors will attend. It is actually rare for creditors to show up at this meeting. If a creditor does attend, the creditor is likely to ask more questions about the assets listed in your bankruptcy papers (e.g. how did you decide value, where is property located, etc.).
What Questions Will You Be Asked at the Meeting
The meeting will begin with the trustee administering the oath to you in and verifying your identity with proper identification. Then, the bankruptcy trustee will go over your Petition with you.
Some typical questions that the trustee may ask you at the meeting of creditors include:
- Did you read the petition and schedules before signing?
- Is everything true and correct?
- Are there any errors or omissions?
- Did you list all your assets?
- Did you list all your debts?
- How did you reach the value listed for your house, car, etc.?
- Is your most recent tax return true and correct?
- Are you expecting a tax refund?
- Do you owe domestic support to anyone?
- Do you own a business or have you owned a business in the last two years?
- Have you paid any friends or relatives in the last year?
- Have you sold, transferred, or given away any property in the last six years?
- Do you own a trust?
- Do you expect to inherit any money?
- Have you been in an accident or do you have a right to assert a claim?
- Does anyone owe you money?
What to Bring to the Meeting
You must bring certain documents to the meeting. These might vary slightly depending on the trustee. You must bring both a government issued photo ID and your Social Security card (or a valid W-2 or military ID). Without these documents, the meeting will not be conducted and will have to be rescheduled. Additionally other typical documents might include: bank statements from all accounts, tax returns, pay stubs, car titles, and property deeds. Your attorney will advise you on exactly which documents you should bring.
What Happens after the Meeting
The trustee will follow up, as needed on case questions. In some situations, the hearing could be continued to a later date because: (1) you need to provide more information to the trustee; (2) you are missing required documents; or (3) you must amend your paperwork.
Your case may remain open for a period of time if the bankruptcy estate has assets or to resolve other needed issues. In a no-asset Chapter 7 bankruptcy (meaning all your property is exempt), the trustee will file a report of no distribution and this will clear the way for the discharge of your debts.
You must also complete an approved debtor education course prior to the discharge date. This should be completed as soon as possible, but after you file for bankruptcy. As long as your creditors do not object to the discharge of your debts, you will receive your discharge approximately 60 days after the meeting of creditors.
For assistance with a Minneapolis Chapter 7 bankruptcy, call Gregory J. Wald at (952) 921-5802.
Title: What to Expect at the Meeting of Creditors in Chapter 7 Bankruptcy
Meta description: At this meeting the trustee will review the information in your bankruptcy papers. Find out what to bring, what you will be asked, and what happens next.
Keyword: Minneapolis Chapter 7 bankruptcy