The 341 meeting is required under the bankruptcy code. It is a rather informal meeting where the trustee (a hearing officer) appointed to the bankruptcy will review the Debtor's bankruptcy petition and ask questions about potential assets within the Chapter 7. The meeting is rather informal and it is usually not held in a courtroom. Debtors often ask what should I wear? Well, it is an informal meeting and there is no need for a suit or formal dress. A nice shirt and pants are appropriate for men, and for a woman slacks or a dress is fine also. Just use common sense about what to wear. The meeting is held approximately 30 days after the filing of a Chapter 7, Chapter 13 or any other type of bankruptcy.

Common questions for a Chapter 7 will be:

1. State your name and address for the record. Did you review the petition and schedules prior to them being filed with the court? Did you understand the documents? Do you wish to go forward with the case?

2. The trustee will verify the social security number and ID for the record

3. The trustee will place the Debtor under oath.

4. Do you own any real estate? If so when was it purchased and what was the purchase price? When was the last time that you refinanced the property and what was the property valued at that time? What do you think the property is worth today and how much do you owe on the property? How do you come up with the value of the property?

5. Do you own any other real estate anywhere else in the world?

6. Do you have any stocks, bonds or any other investments?

7. Do you own or have in your possession any gold, silver, jewelry, firearms, hobby equipment, and/or any personal property worth over $500 or more that has a resale value?

8. Are you suing anyone for any type of money damages (personal injury claim, etc.)?

9. Is anyone holding money or property for you?

10. Have you transferred, sold, or abandoned any property within the last 5 years prior to filing this bankruptcy?

11. Does anyone owe you money or property?

12. Have you owned or operated a business in the last 5 years?

13. Do you expect to receive an inheritance in the near future?

14. Have you won the lottery?

15. Do you have a safety deposit box. If so what is in it.

The list above is by no means exhaustive. Some trustees ask more questions and some will ask less based upon the schedules and petition. The questions may vary in form but they are a good indicator of what may be asked. The trustee in a Chapter 7 is looking for un-exempt assets to liquidate for the benefit of the Debtors creditors. What the Debtor will want to hear at the end of the meeting is that the trustee finds NO ASSETS to distribute to creditors. This means that the trustee will file a no asset report with the court and the debtor will get their discharge 60-90 days from the meeting of creditors.

At my law office, I am a experienced Chicago Bankruptcy Attorney who has helped numerous clients navigate the bankruptcy process with dignity and respect throughout. I want to lose your debt and keep your dignity! If you are interesting in setting up a free consultation with my office please call me today at 312-489-8182.

Sincerely,


Marc G. Wagman
Attorney at Law