What All You Need To Know While Preparing For A Meeting With The Trustee?

  • A Meeting With The Trustee

What All You Need To Know While Preparing For A Meeting With The Trustee?

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Trustee meeting is a very essential aspect when filing for bankruptcy. This meeting is also referred to as “341 Meeting” or “Meeting of Creditors”.

What is a trustee meeting?

The basic criterion of the trustee meeting is the oath-taking confirmation. Here, the trustee, under oath will first confirm your identity by verifying your Photo ID as well as your Social Security card. Post this, the trustee will require your first-hand confirmation to signing of the bankruptcy petition papers along with your signatures. This is done to prevent any kind of malpractice or deceptive act.

The above meeting will be recorded electronically. Apart from the confirmations, you will also be asked a number of questions pertaining to your case and the documents submitted. Despite the fact that it is also known as the “Meeting of Creditors”, it is not compulsory for the creditors to attend this meeting, however, they will be informed of the time and place of the meet, if so they wish to attend.

What all Documents are required?

Before the start of the meeting with the trustee, you will need to submit these documents –

  • Tax Returns of subsequent 2 years
  • Pay Stubs of 6 months of both you and your spouse
  • Last 3 months Bank Statement
  • Real estate Valuations
  • Vehicle Valuation
  • Credit Report
  • All Investment accounts, retirement Plans along with Life insurance policies

These are the basic and common documents that are required, however, supplement documents as based on your case may vary. So that will also have to be kept ready before the meeting. It is also important that you go through each section of your petition before you meet the trustee.

Details on all your Assets

Since your assets are Secured debts, it is important that you are well versed with all the details as the trustee will want to know all the details in the first meet itself. You will be questioned about – the value of your Real Estate, time, and date of purchase, along with the details of the mortgage and Lien (if any). You must list down all assets and your properties when you file for bankruptcy.

Details regarding your Creditors

It is also important to note down all the details about your creditors. Though this information can be extracted from your Credit Report, however, omission to mention any creditor may arise complications.

Your Income and Expenses

Once your assets and creditors are discussed, the next point important for the trustee meet is your income and expenses. It is again important to furnish all details correctly. If you are married, the income of your spouse will automatically be clubbed with yours even if they did not file for bankruptcy.

Statement of Finance Affairs

the trustee will also examine in detail the statement of financial affairs which may contain questions regarding your finances before filing for bankruptcy. These may include property that you may have transferred or sold in the last 4 years or any benefit that you may receive owing to personal injury. Also, you will be asked if there is any stake in the property that you are to receive like inheritance or gift. It is important to note that you must inform the trustee f any such property if you are to receive within 180 days of filing for bankruptcy.

Your attorney will walk you through all this with ease so there is nothing to worry about. If you are still looking to hire an attorney, don’t forget to get in touch with Recover Law Group888-297-6203.