Questions Creditors Can Ask in a 341 Meeting
In a 341 meeting, creditors can ask various questions related to a debtor's financial situation, assets, and debts. These questions are aimed at gathering information that could help in recovering debts or identifying potential fraud. Here are some examples of questions creditors might ask:
Employment and Income
- Are you currently working, and if so, who employs you?
- How much were you making when you applied for credit?
- Did your income change after you received credit? 1
Financial History and Credit Use
- Did you provide accurate information when you applied for credit?
- When did you first realize that you were unable to pay your bills?
- Did you make credit purchases after realizing you were insolvent (couldn't repay the debt)? 1
Assets and Property
- What happened to the item you purchased on credit? Did you sell it?
- Do you have property in a storage space or a safe deposit box?
- Did you transfer any property to a friend or family member? 1
Secured Debts and Collateral
- Why are you listed as the owner of land situated in another state?
- Do you still have the ring you pledged as collateral?
- Who owns the semi-truck parked on your property?
- Where is the collateral you pledged on our loan? Is it in a safe place? Are you keeping up with insurance to protect the collateral? 1
Business and Recent Transactions
- Have you or your spouse owned a business in the last two years?
- Did you review the bankruptcy information sheet (this was provided to you when you hired your attorney and explains the various types of bankruptcies)?
- Have you repaid any debts to family or friends in the last year? 4
Intentions with Secured Debts
- Do you intend to catch up on your payments and enter a reaffirmation agreement, or are you ready to surrender the collateral to the creditor? 1
- Clarify how you plan to deal with a secured debt, such as a car loan. Will you give back the car, pay the lender its replacement value, or enter into a reaffirmation agreement to continue the loan after your bankruptcy? 6
Recent Charges and Discrepancies
- Ask about recent charges or cash advances, especially if they were made just before filing for bankruptcy.
- Inquire about discrepancies between the information in your bankruptcy papers and the information you submitted when applying for credit. 6