The 341a Hearing - Time to Meet the Trustee and Creditors!
The 341a Meeting of Creditors is a mandatory meeting all bankruptcy filers must attend.
Many people are intimidated by meeting the trustee and creditors. There is no need to worry.
The meetings take place in large rooms, and if yours is not the first case called, there will be time to watch other cases and hear the trustee's questions.
What is a 341a Hearing?
15 U.S.C. §341a is the section of the United States Bankruptcy Code that requires every person who files a bankruptcy to attend a meeting with the bankruptcy trustee, and, sometimes, interested creditors. Usually, however, creditors do not attend the meeting.
What Will the Trustee Ask Me?
First, the trustee will ask you to verify your signature on the bankruptcy petition. Your attorney will assist you by showing you where you placed your signature.
Two important follow-up questions are, “Did you read the petition before you signed it?” and “Is the information in the petition accurate and truthful?” You must review the petition before filing it, and you must be sure it is accurate and truthful.
The trustee will also ask if any changes to the petition are required. This is important, as well. At the Ianetti Law Firm, we meet our clients 10 days before the 341a hearing to review the petition. If errors or changed circumstances cause the petition to be inaccurate, we file amendments before the 341a interview to ensure things go smoothly.
Additional Questions Trustees Ask.
In almost every case, the trustee will ask these questions:
Have you disclosed all your assets?
Did you list all your creditors?
Have you filed for bankruptcy before?
Are you required to pay alimony or child support?
Have you filed your tax returns?
Do you have a claim against anyone for an automobile accident, a slip and fall accident, or medical or legal malpractice?
Does anyone owe you money?
Are you expecting to inherit money from someone who has passed away?
Do you own life insurance with a cash surrender value?
Use the Statement of Financial Affairs to Prepare for the Meeting of Creditors.
The bankruptcy petition includes a Statement of Financial Affairs. The form consists of 28 questions about your finances that the trustee may review with you. The questions are listed under these general headings:
1. Give Details About Your Marital Status and Where You Lived Before
These questions intend to discover whether a spouse is contributing to your expenses and whether you live in the District of New Jersey for jurisdiction.
2. Explain the Sources of Your Income
The trustee may ask where you work, what type of employment you perform, and related questions.
3. List Certain Payments You Made Before You Filed for Bankruptcy
These questions determine if you have disposed of cash or other property to avoid paying your creditors what you owe.
4. Identify Legal Actions, Repossessions, and Foreclosures
If you are involved in litigation, at risk of having your property repossessed, or facing foreclosure, the trustee needs to know that.
5. List Certain Gifts and Contributions
Like Item 3, these questions determine if you have disposed of cash or other property to avoid paying your creditors what you owe.
6. List Certain Losses
If you have lost money or property because of theft, fire, or gambling, the trustee will want details.
7. List Certain Payments or Transfers
As with Items 3 and 5, these questions determine if you have disposed of cash or other property to avoid paying your creditors what you owe.
8. List Certain Financial Accounts, Instruments, Safe Deposit Boxes, and Storage Units
The trustee asks these questions to determine where your money and property are.
9. Identify Property You Hold or Control for Someone Else
In this section, you disclose whether you hold property that belongs to someone else. A typical example is when the debtor drives a vehicle owned by a family member.
10. Give Details About Environmental Information
This question is addressed to business owners who may, because of their business, be subject to environmental regulation.
11. Give Details About Your Business or Connections to Any Business
If you operate your own business, the trustee will ask questions about it. And, you must also provide a profit and loss statement for at least the six months before filing your case.
Three Things You Must Bring to the 341a Meeting.
You must bring your original social security card and your photo identification to the meeting. If you need to replace a lost social security card, click here. Your photo identification can be a current driver license, a passport, or a military identification card that contains your Social Security number. Also, you will need your most recent pay advice or pay stub.
Where are the Meetings Held?
For residents filing in northern New Jersey, the 341a Meeting of Creditors takes place at One Newark Center, on the 14th floor, in Newark. The building, also known as Seton Hall Law School, is at the intersection of McCarter Highway (Route 21) and Raymond Boulevard. One Newark Center is one block west of Pennsylvania Station. For directions, click here.
At the Law Firm of Ernest G. Ianetti, Esq. we take pride in preparing our clients for the 341a Meeting of Creditors. Mr. Ianetti believes that when clients are well-prepared and know what to expect, they have successful meetings with the trustee and creditors. Mr. Ianetti looks forward to helping you resolve your financial difficulties and seeing you on the road to debt free life.
Ernest G. Ianetti, Esq., represents clients in Chapter 7, Chapter 13, and Chapter 11 Bankruptcy. Our office is conveniently located in the Rockaway Townesquare Mall complex. We represent clients from Morris County and surrounding areas, including Sussex County, Essex County, Union County, and Passaic County.
Ready For A Consultation?
This website and its contents are attorney advertising. The information and materials offered on this site are for general informational purposes only, do not constitute and should not be considered legal advice, and are presented without any representation or warranty whatsoever, including as to the accuracy or completeness of the information. No one should, or is entitled to, rely in any manner on any of the information at this site. Parties seeking advice should consult with legal counsel familiar with their particular circumstances. Communication with the law firm through this website does not create an attorney client relationship. The law firm is a debt relief agency. We help people file for bankruptcy under the United States Code.
