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What questions will the trustee ask at the 341 meeting?

On Behalf of | Jan 4, 2020 | chapter 7 |

Some of the questions that are asked by the trustee at the 341 meeting are, for example, your name, your address and where you are working. The trustee will ask you if you read the documents before you signed them and he will ask you to verify who your attorney is. The trustee will also check your Indiana driver’s license, your passport or your social security number.

Then, he will go through the petition that you signed. According to Chapter 7 Chapter 13 Bankruptcy Organization, the trustee will not ask you anything you do not already know. You do not have to remember anything. He will ask you about your home, if you have one, and how long you have had it. He may even ask when you moved in and how much you paid for it. He will ask you about any assets you list on any of the personal property schedules. If he sees you listed a watch, he will ask you how much you paid for and if you still have it or if you sold it. The trustee will ask you if you have any claims against somebody and if you could you bring a lawsuit for personal injury. For example, can you bring a car accident lawsuit or a slip and fall accident?

They are asking those questions to determine whether or not they have the reach to grab some of your assets, liquidate them and sell them. They will then distribute the money from the sale to your creditors on a pro-rata basis. Before you file your bankruptcy, your attorney may tell you what assets, if any, are exposed to the reach of your creditors.