What Questions Will The Chapter 7 Bankruptcy Trustee Ask?

First, you will raise your right hand and take an oath to
tell the truth. Then, the trustee may ask: State your
name and address. Did you list all of your assets and all
of your liabilities? Do you own or rent the property at
....? Have you ever own any real estate in your life? What
is your intention with your vehicle? Reaffirm? Surrender?
Do you expect to receive a tax refund this year? If so,
how much? Do you expect to inherit any money in the next
six months? Have you given away anything for less than its
fair market value in the last six months? Have you repaid a
family member more than $1,000.00 in the past year? Did you
sign the petition and schedules after you had a chance to
review them? Are you still working at ...? Is your monthly
income still the same as what is listed on the schedules?
Are your monthly expenses still the same as what is listed
on the schedules? Do you anticipate any substantial changes
in either income or expenses in the next few months? Do you
own any property that is not listed on the schedules? Are
there any additions or corrections that you would like to
make to the schedules? Have you ever owned a business? Have
you lived at your current address for the past three years?
Have you closed a bank account in the past year? Do you
have a safety deposit box? If yes, what are the contents?
Have you used the credit cards for purchases or cash
advances within the past 90 days?

That's a typical round of questions from a Chapter 7
bankruptcy trustee. It is advisable to answer questions
with a yes or no, if possible. The meeting of creditors is
not the time to tell the story of your life. The trustee
usually doesn't care why or how you became insolvent. He
only cares whether or not there are assets to be
administered and whether or not you are entitled to receive
a discharge.

If you don't understand a question, ask the trustee to
repeat it. Some trustees are very speedy in that they have
been asking the same questions of debtor's for years.
Since this is your first and hopefully only time, you
deserve to have the questions posed at a moderate rate of
speed. Of course, you can always turn to your attorney
sitting next to you and look for an explanation before you
answer. Honest answers are the only answers that should be
given. If issues arise, your attorney will have
suggestions or solutions to deal with those issues after
your meeting.


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David M. Siegel is the author of Chapter 7 Success: The
Complete Guide to Surviving Personal Bankruptcy. He is a
member of the American Bankruptcy Institute and currently
practices bankruptcy law in Chicago and its surrounding
suburbs. Additional information is available at
http://www.bankruptcy-lawyers-sandiego.com .