Filing for bankruptcy results in a lot of paperwork. You need to ensure your income; assets and your debts are in order. Filing for bankruptcy results in a creditors meeting (also known as 341 hearing) where you are required to provide confirmation for any information you have given. The meeting is attended by you and your attorney, your bankruptcy trustee and even your creditors. According to Dallas based bankruptcy law firm Recovery Law Group, the bankruptcy trustee can ask you questions to find out details of your bankruptcy estate. The entire proceeding takes place under oath, so you should avoid lying or you might end up perjuring yourself. Having a consultation with expert bankruptcy lawyers at 888-297-6023 will help you prepare for your 341 meetings.
Some of the most common questions your bankruptcy trustee might ask to include:
- If you are familiar with the information provided in your bankruptcy paperwork?
- If all the information provided in bankruptcy papers is complete and accurate?
- Have you listed all your property in the papers?
- Have all your creditors been listed in your bankruptcy schedule?
- Have you reviewed and signed the bankruptcy petition and schedules prior to filing them?
- Have you filed for bankruptcy earlier?
- What is your gross monthly income?
- Do you wish to make any changes in your papers?
- Are you paying any alimony or child support?
- Have you filed previous tax returns?
- Have you made any transfer of property within the last two years?
- Have you made any new charges to your credit cards?
- Which creditors have you paid within a year of your bankruptcy?
- Have you had your property valued?
- What method did you use to get your property valued?
- Is your car or home insured?
- Do you have business, corporation or partnership?
Having a bankruptcy attorney can be an asset as they can help you deal with the entire process of bankruptcy including the questions asked by the trustee. They can help you by –
- Gathering documents related to your case.
- Help to prepare the paperwork essential for the 341 meetings.
- Submit related documents before the trustee either before, during or after the hearing.
- Manage financial information for you including your assets and expenses.
- Ensure that all your paperwork is accurate, complete and compliant with the state laws.
- Answer all questions asked by bankruptcy trustee during the meeting.
- Try their best to minimalize your financial loss.