Filing Bankruptcy? Here Are the Questions to Expect at Your Meeting of Creditors

Going through a bankruptcy process can feel overwhelming, especially if you’re unsure about what questions you’ll face during the Meeting of Creditors. At this meeting, the bankruptcy trustee will ask you a series of questions to confirm the details you’ve provided in your bankruptcy paperwork.

It’s helpful to know what types of questions you might be asked so you can feel more prepared. Here’s an overview of what you should expect and how to answer these questions with confidence.

Basic Questions the Trustee Will Ask

To start, you’ll likely be asked some basic questions to verify your identity and confirm that the information you provided in your bankruptcy documents is accurate. Here are the standard questions:

• State your name, social security number, and current address for the record. — This verifies your identity and ensures you’re the correct person filing.
• Have you read the Bankruptcy Information Sheet provided by the United States Trustee? — The trustee wants to make sure you’ve reviewed this information to understand your rights and obligations.
• Did you sign the petition, schedules, statements, and related documents you filed with the court? — This question confirms that the documents are indeed yours.
• Did you read the petition, schedules, statements, and related documents before you signed them? — They want to be sure you understand what you filed.
• Are you personally familiar with the information contained in the petition, schedules, statements, and related documents? — This verifies that the information in the documents is true to your knowledge.
• To the best of your knowledge, is the information contained in the petition, schedules, statements, and related documents true and correct? — You’ll be asked to confirm that your paperwork is accurate.
• Are there any errors or omissions to bring to my, or the court’s, attention at this time? — If there are any corrections needed, this is the time to mention them.
• Are all of your assets identified on the schedules? — You’ll confirm that you’ve listed everything you own.
• Have you listed all of your creditors on the schedules? — They’ll want assurance that you haven’t left out any debts.
• Have you filed bankruptcy before? — If you have, the trustee will need the case number and discharge information.

Questions About Your Assets and Property

The trustee will then ask questions about your property, both to confirm what you own and to identify anything that could be sold to pay your creditors.

• Do you own or have any interest in real estate? — If you own property, the trustee will ask:
  • When did you purchase it?
  • How much did it cost?
  • What mortgages or debts encumber it?
  • What’s its estimated current value?
  • How did you determine that value?
• If you’re renting: The trustee may ask if you’ve ever owned the property where you live or if you’re related to the property’s owner.

Other questions about your assets might include:

• Have you transferred or given away any property in the past year (or longer, depending on your state)? — This covers any assets you might have given to family members or friends.
• Does anyone hold property belonging to you? — If so, you’ll need to state who holds it, what the property is, and its value.

Questions About Debts and Financial Claims

The trustee will also ask questions about debts, claims, and any legal proceedings involving money owed to you or by you:

• Do you have a claim against anyone or any business? — If you’re expecting money from a claim, the trustee needs to know.
• Are you the plaintiff in any lawsuit? — They’ll want to know about any ongoing lawsuits where you’re seeking compensation.
• Are you entitled to life insurance proceeds or an inheritance? — This includes potential future inheritances within six months after filing bankruptcy.
• Does anyone owe you money? — If so, the trustee may ask if it’s collectible and why you haven’t received it.

Questions About Financial History and Tax Returns

The trustee may ask about your tax returns, bank accounts, and financial history to verify your financial status:

• Were federal income tax returns filed on time? When was the last return filed? — They need to ensure your tax filings are up-to-date.
• Do you have copies of your tax returns? — If yes, bring them as backup.
• Do you have a bank account, either checking or savings? — The trustee will ask about the balances on the date you filed.

Questions About Cash and Other Liquid Assets

You might also be asked about any cash or liquid assets you had on hand at the time of filing:

• Did you have any cash on hand, savings bonds, stocks, bonds, or Certificates of Deposit? — These are all assets that may count toward paying off your debts.
• Do you own an automobile? — If you do, they’ll ask about the year, make, model, value, and any loans associated with it.

If You Own a Business or Are Self-Employed

If you’re self-employed or own a business, the trustee will dive deeper into your business finances and records. Questions might include:

• Who maintains the financial records? — They’ll want to know who handles the accounting.
• Where are your financial records located? — Be prepared to share details about specific ledgers, journals, and statements.
• What kind of insurance policies are in effect? — This includes knowing what types of policies are active and where copies are kept.
• Do you have any outstanding accounts receivable? — If customers owe your business money, the trustee will want details.

Your Next Steps to Prepare

Being prepared for your Meeting of Creditors can make the process smoother and less stressful. Review your paperwork, gather any supporting documents, and try to answer each question as honestly and accurately as possible. If you have questions about any of the details, consider speaking with your bankruptcy attorney beforehand so you feel more at ease during the meeting.

Remember, the trustee’s role is to verify the information you provided and make sure the bankruptcy process is fair. Taking time to prepare will help you answer confidently and move through this part of the bankruptcy process with greater ease.

Feel like reading more about this? Click here for the U.S. Trustee’s Program Chapter 7 Handbooks and Reference Materials.