How to Prepare for a Meeting with a Trustee in Bankruptcy

Meeting with a trustee in bankruptcy proceedings seems intimidating to many people. However, the trustee meeting is one of the vital parts of the bankruptcy process. Without going through this step, you cannot get the relief that bankruptcy offers. If you have a bankruptcy trustee meeting on the horizon, here are a few things that you need to keep in mind.

Be Prepared

The main objective of the trustee meeting is to gather information from you. You will sit down with the trustee while she records the meeting. She will want to make sure that you understand exactly what you are getting into. If you have an attorney, you need to make sure that he prepares you for what is about to take place. Attorneys have been through this process many times, and they can tell you what to expect. You do not want to look unprepared going into a trustee meeting. 

You need to have all of the information about your assets and liabilities with you. The trustee may review this information with you. She will ask you if you know which chapter you are filing. If you do not know the answer to this question, it does not bode well for your bankruptcy's being approved. Talk with your lawyer in advance and make sure that you understand the differences between the bankruptcy options. Make sure that you understand which option you are choosing and why you are requesting it. 

Finding Assets

The trustee is also going to want to know if you are being completely honest with her. She may be very direct in asking you questions. Be prepared to answer her questions to the best of your ability. 

She will want to know whether or not you are hiding any assets from the court. If you or your attorney notifies her of some sort of asset, it will be considered to help repay the creditors. 

Potential Questions

The trustee is most likely going to ask you several questions about your financial situation. If you are prepared for the types of questions that she will ask, your job of answering the questions will be much easier. Usually, your lawyer can coach you on the types of questions that you need to expect. 

The trustee will go through some standard questions like asking you if your signature is really on the documents. She will ask you if your financial documents list all of your assets and liabilities as well. She will also usually ask if anyone owes you any money. If it is determined that someone does owe you money, it may be used to help repay your creditors once it is paid.

she will also ask you some very specific questions like, "Are you involved in any lawsuits that allow you to sue someone else for money?" She will also want to know if you are involved in any business relationships that she needs to know about. 

Each bankruptcy trustee meeting is a little bit different and, therefore, the questions will vary. Just be prepared to answer several questions about your financial arrangements and you should be fine.

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