Bankruptcy, Chapter 13, Chapter 7

What to Expect at Your Meeting with Creditors

WHAT TO EXPECT AT YOUR 341 MEETING (MEETING OF CREDITORS)

A. Where to go: If your case was filed in the Columbia region, your hearing will be at the Strom Thurmond Building (5th Floor) located at 1835 Assembly Street.
B. What time to arrive: Please arrive at least 30 minutes early. There may be very long waiting lines to get through security at the Strom Thurmond Building, and parking can also be challenging.
C. Documents to bring: driver’s license and social security card (no copies). If your trustee is Joy Goodwin, you will need to bring your last pay stub and bank statements that include the date your case was filed for each one of your bank accounts open at the time the case was filed.
D. Who will be there? Most likely the only people there will be the Trustee, other attorneys, other filers, and me. However, creditors and the United States Trustee’s office can come and ask questions.
E. What questions are asked at the Meeting of Creditors? It depends on whether you file for Chapter 13 or Chapter 7, and it also depends on what trustee is appointed to your case. However, I have listed below a non-exhaustive list of common questions. Please be advised that you will be placed under oath prior to giving your testimony.
QUESTIONS THE TRUSTEE MAY ASK INCLUDE, BUT ARE NOT LIMITED TO:

• Trustee will confirm your address and social security number;
• Trustee may ask how much you paid for your house and when;
• Trustee may ask what you think the house is worth and how you came up with that valuation. We will cover this in our appointments. However, never say “county tax appraisal” as your only source. When we fill out your bankruptcy schedules, w will review multiple sources and find the value you honestly believe you could get if you were to sell the property today.
• Trustee may ask if you have any domestic support obligations;
• Trustee may ask if you have filed all your tax returns from prior years;
• Trustee may ask if have transferred, sold, or given away any property, land, or any assets to anyone in the last 6 years;
• Trustee may ask if you have received any money from any source in the last 6 months other than from your employer;
• Trustee may ask if you have taken out a loan or withdrawal from your 401(k) in the last 6 months;
• Trustee may confirm your employer address;
• Trustee may ask questions about any of your expenses;
• Trustee may ask if your car or house is insured;
• Trustee may ask specific questions concerning your assets;
• Trustee may ask how you determined the valuation of your car;
• Trustee may ask if anyone owes you money;
• Trustee may ask how much you earn each week.

Chapter 7

What Is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is a very powerful financial tool.  In most cases a Chapter 7 Bankruptcy will enable you to discharge or eliminate 100% of your unsecured debt.  Unsecured debt includes credit card debt, medical bills, personal loans, and payday loans.  Student loan debt, child support, and most tax debt, are generally not able to be eliminated.  A Chapter 7 Bankruptcy does not require you to give up your house, car, or other personal belongings.  If your income does not cover your monthly expenses you may be a good candidate for a Chapter 7 Bankruptcy. Once the case is filed creditors are prohibited from contacting you in any way about the debt. Please call or email my office for a free consultation to see if a Chapter 7 Bankruptcy is right for you.