Blog Layout
Questions You Will be Asked at Your Meeting of Creditors
Judson Caruson • Apr 30, 2022
What Kind of Questions will the Trustee ask at Your Meeting of Creditors?
Most people are very worried about their Meeting of Creditors and about what kind of question they will have to answer.
Here is the list of required questions and suggested general questions based on a list that has been prepared by the US Trustee's Office.
SECTION 341(a) MEETING OF CREDITORS
REQUIRED STATEMENTS/QUESTIONS
The following statements and questions are required. The trustee shall ensure the debtor answers the substance of
each of the questions on the record. The trustee may exercise discretion and judgment in varying the
wording of the statements/questions, if the substance of the questions is covered.
1. State your name for the record. Is the address on the petition your current address?
2. Please provide your picture ID and Social Security number card for review.
3. Did you sign the petition, schedules, statements, and related documents and is the signature your own? Did you read the petition, schedules, statements, and related documents before you signed them?
4. Are you personally familiar with the information contained in the petition, schedules, statements and related documents? To the best of your knowledge, is the information contained in the petition, schedules, statements, and related documents true and correct? Are there any errors or omissions to bring to my attention at this time?
5. Are all of your assets identified on the schedules? Have you listed all of your creditors on the schedules?
6. Have you previously filed bankruptcy?
7. What is the address of your current employer?
8. Is the copy of the tax return you provided a true copy of the most recent tax return you filed?
9. Do you have a domestic support obligation? (If so, you must complete a domestic support obligation form that your lawyer will provide. It requires that you list to whom you owe the obligation including the claimant’s address and telephone number.) Are you current on your post-petition domestic support obligations?
10. Have you filed all required tax returns for the past four years?
SAMPLE GENERAL QUESTIONS
To be asked when deemed appropriate.
1. Do you own or have any interest whatsoever in any real estate? If owned: When did you purchase the property? How much did the property cost? How much do you owe on it? What do you estimate the present value of the property to be? Is that the whole value or your share? How did you arrive at that value?
Have you owned any real estate in the last 4 years that is not in your name now? If so, what happened to it. If it was sold, how much did you receive from the sale and what happened to those proceeds.
If renting: Have you ever owned the property in which you live and/or is its owner in any way related to you?
2. Did you purchase or refinance a vehicle in the last 6 months? If yes, you will be required to provide a copy of the purchase agreement and registration to the trustee.
3. Does anyone hold property belonging to you? If yes: Who holds the property and what is it? What is its value?
4. Do you have a claim against anyone or any business? If there are large medical debts, are the medical bills from injury? Is there anyone you could sue? Are you the plaintiff in any lawsuit? What is the status of each case and who is representing you?
5. Are you entitled to life insurance proceeds or an inheritance as a result of someone’s death? If yes: Please explain the details.
If you become a beneficiary of anyone’s estate within six months of the date your bankruptcy petition was filed, the trustee must be advised within ten days through your counsel of the nature and extent of the property you will receive.
6. Does anyone owe you money? If yes: Is the money collectible? Why haven’t you collected it? Who
owes the money and where are they?
7. Have you made any large payments, over $600, to anyone in the past year?
8. Were federal income tax returns filed on a timely basis? When was the last return filed? At the time of the filing of your petition, were you entitled to a tax refund from the federal or state government ? If yes: Inquire as to amounts. If you received your refunds before your case was filed, what did you do with them? Did you give any of them to family or friends?
9. Do you have a bank account, either checking or savings? If yes: What were the balances in each account as of the date you filed your petition?
10. When you filed your petition, did you have:
a. any cash on hand?
b. any U.S. savings bonds?
c. any other stocks or bonds?
d. any certificates of deposit?
e. a safe deposit box in your name or in anyone else's name?
f. any crypto currency?
11. Do you own an automobile? If yes: What is the year, make, and value? Do you owe any money on it? Is it insured?
12. Are you the owner of any cash value life insurance policies? If yes: State the name of the company, face amount of the policy, cash surrender value, if any, and the beneficiaries.
13. Do you have any winning lottery tickets?
14. Were you divorced in the last 4 years. If so, is there anything that it still owing to you are a result of that divorce. If you are married and your spouse is not part of this case, do they have any property in their name not listed on your asset schedules. If you were to be divorced or separated, do you anticipate that you might realize any property, cash or otherwise, as a result of a divorce or separation proceeding?
15. Have you been engaged in any business during the last six years? If yes: Where and when? What happened to the assets of the business?
16. Have you made any transfers of any property or given any property away within the last four year period ?
If yes: What did you transfer? To whom was it transferred? What did you receive in exchange? What did you do with the funds?
Protect yourself from identity theft scams posing as debt collectors. Learn key warning signs and how to protect yourself.
Learn the truth behind some of bankruptcys most common myths. From the facts about filing, credit impact, and how bankruptcy can offer a fresh financial start.
Bankruptcy is the first step to rebuilding your credit so here are some tips to repair and build your credit and improve your credit score after bankruptcy.
There are a few ways you can prepare for a meeting with a debt relief attorney. Keep reading or contact us today to learn more.
What are the different types of bankruptcy? Which types should you consider filing? Chapter 7 and Chapter 13 are best for most people but companies and people with a lot of debt may need Chapter 11.
Discharge student loans in bankruptcy. New guidelines quickly show the effect of bankruptcy on student loans. Your chances are very good that you can discharge your student loans in bankruptcy under these new rules
My paycheck is being garnished. How does wage garnishment work? How much can they take? I can’t pay my rent or other bills. How can I stop a garnishment?
Have you acquired unnecessary debts and are unsure of what to do? Read this blog to learn when it's time to call bankruptcy attorneys for legal assistance.
What are Chapter 7 and Chapter 13? Which one should you file? Is one better? Can the Court make you file Chapter 13 if you want to file Chapter 7?
Bankruptcy Attorney Q & A- (Part 2) How Soon After Bankruptcy Can I Get an FHA Loan and Buy a House?
Bankruptcy Attorney Q & A- (Part 2) How Soon After Bankruptcy Can I Get an FHA Loan and Buy a House? Clients frequently ask about future credit after bankruptcy and especially about if they will ever be able to buy a home. The answer to this question is not always as simple as it should be because it varies by the type of home loan. This blog addresses special mortgages backed directly by the federal government such as Federal Housing Administration first time home buyer and rehabilitation loans. If you do not qualify for one of these loans, you should read our related blog on conventional mortgages and buying a home after bankruptcy. Just paste this link into your browser window: https://www.oregon-attorneys.com/bankruptcy-attorney-q-a-how-soon-after-bankruptcy-can-i-buy-a-house The short answer is that a waiting period of one to three years after filing for bankruptcy is all that is required for Federal Housing Administration, Veterans Administration and US Department of Agriculture Rural Home Loans. But this is just as to the bankruptcy filing. Of course, you still need to take active steps after bankruptcy to rebuild your credit. Check out our blog posts on rebuilding your credit after bankruptcy https://www.oregon-attorneys.com/5-steps-to-rebuilding-your-credit https://www.oregon-attorneys.com/filing-bankruptcy-is-just-the-first-step-in-rebuilding-your-credit And, you have to have sufficient income, possibily a down payment and a good debt to income ratio to buy a house. A Chapter 7 or Chapter 13 bankruptcy will show on your credit report for 10 years and negatively affect your credit. However, loans targeted to special populations and backed by the federal government have rules that allow you to buy a home shortly after discharge. These rules are subject to change so we recommend that you consult a mortgage broker for the most up to date standards for qualifying. Here are the waiting periods for these loans so you can buy a house. ● If you otherwise qualify for an FHA loan, you must wait at least 2 years after a Chapter 7 discharge or 1 year after a Chapter 13 discharge. ● If you otherwise qualify for a VA loan, you must wait at least 2 years after a Chapter 7 discharge or 1 year after a Chapter 13 discharge. ● If you otherwise qualify for a USDA loan, you must wait at least 3 years after a Chapter 7 discharge or 1 year after a Chapter 13 discharge. In addition, if you are in a Chapter 13 plan and you need to refinance, then FHA and VA can also help you. FHA loans used to refinance a home while in a Chapter 13 bankruptcy require up to 2 years of on time payments to the Chapter 13 trustee. You must also meet the other loan standards such as sufficient income and appropriate loan to value ration. But the loan proceeds must allow you to conclude your Chapter 13 plan as of the closing of the loan. We sometimes call this buying out your plan. This can work well if you have the equity. It is also possible to use VA loans to refinance a home while in a Chapter 13 bankruptcy. You need up to 2 years of on time payments to the Chapter 13 trustee. You must also meet the other loan standards such as sufficient income and appropriate loan to value ration. But you do not need to buyout your plan. Here is a brief description of these home loans. ● FHA first time home buyer loans allow for a low down payment currently at 3.5% with a credit score at or above 580, or 10% if your credit score is between 500-580. The property needs to pass an inspection. And there is a cap on these loans that varies by county. For example, a home in Lane County can qualify up to $420,000 but in Multnomah County that amount is $598,000. ● FHA rehabilitation loans have similar standards. However, the loan can include cash out to bring the home up to the required inspection standards. The cash out is limited to $35,000 for qualifying improvements such as replacing roofing, enhancing accessibility for a disabled person or making energy conservation improvements. ● VA loans for new home purchase start with a Certificate of Eligibility (COE) to show your lender that you qualify based on your service history and duty status. This is obtained from the VA. The VA does not always require a down payment but one may be needed depending on the amount of the loan. The property needs to pass an inspection. But unlike the FHA, the VA does not set standards for the loans as to credit or income. Typical lenders do want minimum credit scores in the 600 range. ● USDA rural home loans do not require a down payment. But the home and its location are essential to obtaining this type of mortgage. For example, the house size is usually 2000 square feet or less. In fact, the home buyer must need the home to have decent, safe, and sanitary housing and be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to be met. Income qualifications are lenient as the loan can include a payment subsidy and are only available to low income borrowers. The USDA doesn't have a fixed credit score requirement, but most lenders require a score of at least 640, and 640 is the minimum credit score you'll need to qualify for automatic approval through the USDA's automated loan underwriting system. Conventional loans require a longer waiting period between bankruptcy discharge and requesting a home loan. These types of loans are not guaranteed by the federal government and can require significantly longer waiting periods. But your state or local government may have other programs that can also help. And a bank involved in the Community Reinvestment Act (CRA) will also have loans available for low to moderate income home buyers. Finally, if you were impacted by recent fires and lost your home in such a disaster, the Small Business Administration and FEMA may have loan options to rebuild. Filing bankruptcy is usually just the first step to rebuilding your credit and putting yourself back on track to possible home ownership in the future.
Share On: