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  1. #1
    Join Date
    Aug 2007
    Posts
    7

    Default Creditors Meeting

    On September 17th, my spouse and I are going to a meeting with the trustee and creditors. Since we have no legal representation, what are some of the things we could expect?

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Creditors meeting

    At this meeting (called a 341 meeting) the trustee asks whether you were honest in listing all your assets on your bk petition & whether you have any non-exempt property that can be sold off to satisfy creditors. The trustee might ask about any payments you made or property that you transferred before bankruptcy.

    If creditors show up (many times they don't), they are permitted to ask a few questions.

    The trustee will also ask questions to find out whether you meet local requirements for exemptions that you claimed. You will probably be asked about: The value of your home & whether you actually live there, whether you actually use tools in your trade or business, the value of your car, & possibly about your pension plan depending on where you live.

    When there are non-exempt assets, the trustee usually asks if you would be willing to pay her the value of the asset so that you can keep it. If you can't or don't want to buy back non-exempt assets, the trustee arranges to have them picked up for liquidation. In the case of real estate the trustee hires a real estate agt. to inspect the property & give an opinion as to value. The trustee then decides whether to have the agt. offer the property for sale. This applies only to non-exempt property & not your home if it's fully exempt.

    The trustee may also make arrangements to receive your income tax refund for the current year or request add'l. info about your assets, payments, or recent transfers of property.

    Many times the trustee quickly concludes that you don't have enough non-exempt assets to bother with & declares your matter a no-asset case. In this case, your involvement with the trustee usually ends at the conclusion of this meeting.

    This is just general info re the meeting.

  3. #3
    Join Date
    Jul 2006
    Location
    Ohio
    Posts
    1,126

    Default Re: Creditors meeting

    It will, literally, take about 3 to 5 minutes.

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