Your Mt. Prospect Bankruptcy Attorney And Your Trustee’s Meeting

You and your Mt. Prospect bankruptcy attorney will have to appear under Section 341 of the Bankruptcy Code at a meeting of creditors and you will be ordered to testify or be examined under Section 343 of the Bankruptcy Code.  Notice of that hearing will be set pursuant to Section 342 of the Bankruptcy Code and said notice will go to you, your attorney and all your creditors.  Creditors do have an opportunity to appear at the 341 meeting of creditors and ask specific questions.  

If the trustee believes that the creditor is asking too many questions, or that it involves more elaboration than what the trustee has time for them to ask, the creditor can bring a motion to have a 2004 exam held.  A 2004 exam is very similar to a 341 meeting however the creditor is the only one who was asking the questions and can be set up under penalty of perjury under oath.  The Chapter 7 trustee specifically wants to know if you have any assets that can be administered for the benefit of creditors.  In most Chapter 7 cases, there are no assets that can be administered for the benefit of creditors because the state provides a certain exemption amount of property free and clear as you file for bankruptcy.  If the trustee needs further information, he or she will request that of your attorney.  Your attorney will then tell you what that additional information is and you want to get that to the Chapter 7 trustee as soon as possible. 

On a rare occasion, the Chapter 7 trustee will not hold the meeting because you or your attorney have not provided sufficient information prior to the meeting of creditors.  For example, you must provide your most recent 60 days of paycheck stubs just prior to filing your bankruptcy case and your most recent federal tax return.  In the event that the Chapter 7 trustee does not receive those items within seven days of the meeting set for creditors, then the trustee does not have to hold the meeting and will continue the meeting to another date.  The second date might cause you additional fees from your attorney and definitely the hassle of having to appear once again before a Chapter 7 trustee. 

Importantly, have your Social Security card and a valid government issued ID when you appear at your meeting of creditors.  The bankruptcy trustee must make sure that you are who you say you are and they must see proof in the way of photo ID and proof of your Social Security number.  If you don’t have either of those items, the trustee may continue your meeting to another date and you will have to appear again before the Chapter 7 trustee.