Posts Tagged ‘Bankruptcy Trustee’
When filing for bankruptcy, a creditors meeting is generally scheduled about 1 month after the filing of a bankruptcy petition. This hearing is conducted by the bankruptcy trustee, which is basically another attorney appointed as trustee from the US Bankruptcy Courts. The Trustee’s position is to ask certain questions to determine whether you have assets that are not exempt and can be sold off to pay back your creditors. It is rare to have the bankruptcy trustee sell assets in a bankruptcy proceeding. The hearing (or 341) begin by swearing you in and having you present license as well as your social security card. They then begin with the questioning, which usually takes anywhere from 30 seconds to 5 minutes long (and sometimes longer, depending on how complex your case is). The type of questions they may ask may be as follows:
*State your name for the record
*Did you read the bankruptcy petition prior to signing it?
*Did you understand the contents of the bankruptcy petition prior to signing?
*Have you listed all your debts and assets in the bankruptcy schedule?
*Have you sold or transferred any assets?
*Do owe any child support or alimony?
By the time you attend the creditors meeting, the bankruptcy trustee has already done through your bankruptcy petition, your tax returns, pay stubs etc. to determine what your financial situation is.
To learn more about filing for bankrutpcy please feel free to visit our website at http://www.millermillerlaw.com
1. All debts must be listed. It is illegal to pick and choose when listing your creditors. All creditors must be listed even the ones you intend to pay after filing i.e. your mortgage
2. You may have to turn over tax refunds to the bankruptcy trustee. Part or all of any tax refunds due for the tax year a bankruptcy case is file may be required to be turned over to the trustee.
3. You must list all business information if you are self-employed. You must list all personal and business debts, assets and income.
4. You need to refrain from incurring new debts before filing. Intentionally incurring debts with the intent not to pay may be a crime.
5. Keep making your house and car payments if you intend to keep the property.
6. Lying can get your case thrown out of court. The Court may disallow a bankruptcy if a client misrepresents any facts or otherwise lies on the papers filed in the bankruptcy.
7. Bankruptcy stops all bill collectors. The creditors including tax collectors are barred from attempting to collect any debt from you the instant the petition is filed. Bankruptcy does not stop any criminal proceeding or government regulatory proceeding.
We can protect our property by hiding it or giving it away before we file. NO! It’s a crime to hide property and not disclose it. It’s also a crime to give away property or assets without telling the Court in the bankruptcy petition. The Trustee will seek to recover any property wronfully transferred prior to a bankruptcy filing. When preparing for bankruptcy it is best to schedule an appointment to meet with an attorney if you have any questions.