The 341 meeting of creditors is when the trustee that is assigned to a bankruptcy case, both a Chapter 7 and 13 bankruptcy, has the opportunity to ask you questions about your petition or your filing. Any creditor that wants to attend the meeting can and will ask you questions about the debt.
Typically, creditors do not show up to these meetings. Generally, only the trustee attends. If you owe the IRS money, the IRS will show up and ask how you plan to repay the taxes that are owed.
The process is straightforward. The trustee will ask you to state your name, ask you what forced you to file bankruptcy, and ask general questions about your petition. He will ask about your bank statements that have been provided. He will ask questions about any discrepancies in the tax returns. He will ask if you have liquidated or favored any creditors over other creditors, and he will ask if you have shifted assets to family members to avoid including them in the bankruptcy.
If there are no indications of this, the creditor’s meetings are generally pretty quick. Be truthful, relax and answer the questions that are asked. Trustees are just doing their job. It’s their responsibility to determine whether any assets can be seized and sold to distribute dollars to the creditors. If there are none, the trustees are not interested in pursuing this any further.
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