Once you have made the decision to file for a Chapter 7 bankruptcy, prepared and filled out all required paperwork and filed that paperwork, you will have to attend a meeting. This meeting is referred to as a 341 meeting of creditors and will take place at a time, place, and location that is determined by the bankruptcy court and will include your bankruptcy trustee and creditors. This can be a nerve-wracking time for you because the trustee will ask you a series of questions about your application to ensure you are not trying to commit bankruptcy fraud and to discover whether or not you have nonexempt assets that could be sold to repay all or part of your debts.
During the Meeting
Prior to the 341 meeting of creditors, the bankruptcy trustee will have already reviewed your paperwork and financial records. During the meeting, the trustee will ask you a series of questions to gather more information about your case. By federal law, during the meeting, the trustee is required to ensure that you are aware of:
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