What types of questions can a creditor ask at the 341 meeting

Asked almost 5 years ago - Gainesville, GA

I am a real estate developer whose business failed and due to the personal guarantees I had it is forcing me into bankruptcy. I have one bank who is being especially agressive and thinks I have assets i dont have. They have made this personal and I have a feeling they will come into the 341 meeting and just go beserk. I do not have an attorney as I could not afford one. Are there limitations as to what they can ask and do? Are they restricted to only talking about the judgement they currently have?

Attorney answers (1)

  1. Andrew Daniel Myers

    Contributor Level 20

    Answered . The sole focus of the creditors meeting pursuant to section 341 of the U.S. Bankruptcy Code is to inquire into the veracity of your bankruptcy petition and to look to see if there are non exempt assets that may be available for a trustee to administer in order to pay some of the unsecured creditors. Most trustees allow latitute as long as a creditor understands that the sole issue is assets, and most trustees will not allow a creditor to "go beserk".

    So, based on what you are telling me if this creditor has absolutely no basis in fact whatsoever, I would not worry about it. At the same time, for peace of mind and to increase the likelihood that you will be guided through the legal and procedural complexities of bankruptcy law I highly reccomend that you find a way to retain an experienced bankruptcy attorney in your jurisdiction who knows and understands what will be allowed and what will not be allowed on all sides of the table.

    I wish you the best.

    This answer is provided for informational purposes only. Actual legal advice can only be provided in an office consultation by an attorney licensed in your jurisdiction, with experience in the area of law in which your concern lies.

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