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Ch 7 Trustee Handbook: 341 Meeting Required Statements/Questions

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  • Ch 7 Trustee Handbook: 341 Meeting Required Statements/Questions

    Handbook for Chapter 7 Trustees

    APPENDIX A SECTION 341(a) MEETING OF CREDITORS
    (Effective July 1, 2002; Updated March 1, 2006)

    REQUIRED STATEMENTS/QUESTIONS (*)SAMPLE GENERAL QUESTIONS
    (To be asked when deemed appropriate.)
    In cases where debtors are engaged in business, the following questions should be considered:

    1. Who was responsible for maintaining financial records?

    2. Which of the following records were maintained?
    a. Cash receipts journal
    b. Cash disbursements journal
    c. General journal
    d. Accounts receivable ledger
    e. Accounts payable ledger
    f. Payroll ledger
    g. Fixed asset ledger
    h. Inventory ledger
    i. General ledger
    j. Balance sheet, income statement, and cash flow statements

    3. Where are each of the foregoing records now located?

    4. Who was responsible for preparing financial statements?

    5. How often were financial statements prepared?

    6. For what periods are financial statements available?

    7. Where are such financial statements now located?

    8. Was the business on a calendar year or a fiscal year?

    9. Were federal income tax returns filed on a timely basis? When was the last return filed?

    10. Do you have copies of the federal income tax returns? Who does have the copies?

    11. What outside accountants were employed within the last three years?

    12. Do you have copies of the reports of such accountants? Who does have copies?

    13. What bank accounts were maintained within the last three years?

    14. Where are the bank statements and canceled checks now located?

    15. What insurance policies were in effect within the last year? What kind, and why?

    16. From whom can copies of such insurance policies be obtained?

    17. If the business is incorporated, where are the corporate minutes?

    18. Is the debtor owed any outstanding accounts receivable? From whom? Are they
    collectible?

    19. Is there any inventory, property, or equipment remaining?

    ****************************

    My Note: Sounds like Ch 13 is almost the same, but I'll look tomorrow to see if their handbook is any different.
    Last edited by anonymuse; 06-06-2006, 11:00 PM.
    *** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***

    My posts represent hours of research on and off the web, these forums, my experience, and my opinions.

  • #2
    They'll diavow anything to do with it

    Its nice information to know but don't let them know you know it because most of the trustees have never read it and they'll feel uncomfortable and may retaliate against you if they see you know more about bankruptcy than themselves which anyone with common sense knows more by instinct than most of them.

    Comment


    • #3
      It's very rare for someone to go into their 341 meeting without feeling some level of apprehension, if not outright fear. Even though many people have said their meeting was a breeze and less than they anticipated, this is provided so that people can have a guideline--questions 1-10 are pretty standard--to help them put their mind at ease. So few have been asked for more than the standard, its nice to help people out so that they're prepared for other contingencies.

      No one is going to be a fool and ask the trustee "why didn't you ask me about........?"
      *** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***

      My posts represent hours of research on and off the web, these forums, my experience, and my opinions.

      Comment


      • #4
        341 Questions for business owners

        How detailed do you need to get with the business questions? I've run my own acting/writing/DJ business for the last several years and filed taxes as such. The only thing is that while I've kept records, the business wasn't quite as lucrative as most business so they aren't quite as detailed as they should have been. I've actually lost money each year. Will this annoy the trustee and force him to come down harder on me? That's the only reason I'm sweating my eventual 341 once I file. One attorney I met with said not to sweat it since I'm not on trial for being a bad business person.
        11/13/07 - Filed Chapter 7
        12/13/07 - 341 Meeting
        02/12/08 - Discharged
        02/15/08 - Case closed

        Comment


        • #5
          Why would they ask the address of your employer? Do they have to send them notification that your filing bankruptcy? Attorney last week told me the employer wasn't notified during filing bankruptcy. Anyone know why the trustee needs this info?

          Comment


          • #6
            Originally posted by sydneynoel View Post
            Why would they ask the address of your employer? ... Anyone know why the trustee needs this info?
            One possible reason - to verify your income.
            I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

            06/01/06 - Filed Ch 13
            06/28/06 - 341 Meeting
            07/18/06 - Confirmation Hearing - not confirmed, 3 objections
            10/05/06 - Hearing to resolve 2 trustee objections
            01/24/07 - Judge dismisses mortgage company objection
            09/27/07 - Confirmed at last!
            06/10/11 - Trustee confirms all payments made
            08/10/11 - DISCHARGED !

            10/02/11 - CASE CLOSED
            Countdown: 60 months paid, 0 months to go

            Comment


            • #7
              Originally posted by Chicago View Post
              How detailed do you need to get with the business questions? I've run my own acting/writing/DJ business for the last several years and filed taxes as such. The only thing is that while I've kept records, the business wasn't quite as lucrative as most business so they aren't quite as detailed as they should have been. I've actually lost money each year. Will this annoy the trustee and force him to come down harder on me? That's the only reason I'm sweating my eventual 341 once I file. One attorney I met with said not to sweat it since I'm not on trial for being a bad business person.

              I am wondering the same. I did home daycare in 2005 and 2006. I kept up with my income through deposits I made through the bank and through knowing the start and end dates of all of my clients and figuring payments to me based on that. I never kept a book or anything. I just kept three kids. I used stuff I already had (I have a little girl). I bought toys second hand. Any assets are worthless slobbered on toys or broke long ago. It was a simple little business where I didn't make much money. Somehow, I am still concerned about this. I was more of a contract employee than anything. It's not like I had some hugely profitable business. I just needed to make a little extra $$ while staying home with my kid.
              Filed 4-21-2008
              7/16- DISCHARGED!!!!

              Comment


              • #8
                Has anyone ever actually been asked if they have performed what they stated on their Statement of Intentions (redeem, reaffirm or surrender)?
                Filed Ch 7 - 07/10/08
                341 Meeting - 08/13/08
                DISCHARGED! - 10/15/08
                CLOSED - 10/20/08

                Comment


                • #9
                  Does the trustee look through your bank statements before the meeting and ask about specifics or does it happen after the meeting and they then can send your attorney any questions they have.

                  Comment


                  • #10
                    I have been through the 341 meeting and I can honestly say it was a piece of cake. I thought it would be tougher but I was even asked fewer questions than the people before me. I got there 30 minutes before my scheduled meeting and heard all the questions beforehand and it was routine. Before you go to the 341 meeting the trustee will call you about a week before and ask you all sorts of questions. At the 341 meeting he basically asks you the same questions. I wasnt asked my employers address or phone number which was fortunate because I didnt have it with me. I still dont know my work address, just know how to get there. Other than stating your name and address most of the questions were Yes or No. Nothing to be scared about. Suggestions dont go wearing a Rolex or any jewlery.

                    Comment


                    • #11
                      Does the trustee call everyone or just randomly?

                      Comment


                      • #12
                        Originally posted by Crazzyjen View Post
                        Before you go to the 341 meeting the trustee will call you about a week before and ask you all sorts of questions. At the 341 meeting he basically asks you the same questions.
                        When someone you've never met calls you, tells you they're the trustee, and then asks you all sorts of questions, what do you do to verify their identity before answering the questions?
                        Chapter 7, California system 2, no assets. Pro se with Nolo.
                        Filed: 10/8/08
                        341: 11/5/08
                        Discharged: 1/5/09

                        Comment


                        • #13
                          Originally posted by IOIOIO View Post
                          When someone you've never met calls you, tells you they're the trustee, and then asks you all sorts of questions, what do you do to verify their identity before answering the questions?

                          Thats kind of odd, is this true for all trustees and areas? My Attorney said nothing about this taking place, and our phone is currently shut off.
                          Filed 10/20/08
                          Discharged 1/27/09

                          Comment


                          • #14
                            Originally posted by Mark80 View Post
                            Thats kind of odd, is this true for all trustees and areas? My Attorney said nothing about this taking place, and our phone is currently shut off.
                            What's really odd is that, judging from Crazzyjen's lack of response here, he accepted that a stranger on the phone was the trustee and gave out personal and confidential information to someone whose identity he hadn't verified. Since there are easy ways to prevent being duped, I don't see why a person should do this.
                            Chapter 7, California system 2, no assets. Pro se with Nolo.
                            Filed: 10/8/08
                            341: 11/5/08
                            Discharged: 1/5/09

                            Comment


                            • #15
                              This article can now be found and updated by community members here:

                              http://www.bkforum.com/wiki/Handbook...ter_7_Trustees
                              Our Mission Statement: BKforum.com is a bankruptcy resource site and an online community to comfortably discuss financial issues.

                              Comment

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