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FAQ'S

Thursday, September 8th, 2005

by Theodore Sliwinski, Esq.

Covered in this Article:

• Does a debtor have to explain themselves in court?
• What should I bring to my meeting of creditors?

1. Does a debtor have to explain why he filed for bankruptcy at court?

No, because the debtor will not have to go to court. The debtor will have to attend what is termed a section 341 Meeting of the Creditors. This hearing is held before a trustee and not a bankruptcy judge. Usually no creditors appear at your meeting. The participants in the hearing will be yourself, bankruptcy counsel, and trustee. The meeting only lasts about 10 minutes for simple cases. If the case is complex then I have seen some meetings last for about 30 minutes.

The trustee may ask you what caused our financial difficulties, but that is about it. The meeting is a “low stress” meeting, and there no special preparation that is required in most consumer cases. In New Jersey the Meeting of the Creditors are held at the Federal Courthouse in Trenton, NJ, and at the US Trustee’s Office located One Newark Center, 14th Floor, Newark, NJ.

Some trustees are more scrutinizing and probing than others. The trustees are on the look out for debtors who they believe may have abused their credit cards. Some trustees also scrutinize debtors who have excessive expenses for personal care expenses that are listed on their schedules I a J. Every case is different. However, in most of bankruptcy cases the Meeting of the Creditors is a very routine event.

At the Meeting of the Creditors all debtors must bring official state identification. The identification must include a picture ID. Moreover, the debtor must provide proof of their social security card number. The US Trustee strictly enforces this rule. Therefore, if a debtor goes to the Meeting of the Creditors without picture ID, and proof of their social security card number, then he will have to attend an additional Meeting of the Creditors to once again submit the proper credentials. In the past there has been quite a significant amount of bankruptcy fraud committed. The bankruptcy courts and the US Trustee has cracked down on fraud big time. The bankruptcy systems wants to make ensure that an unscrupulous debtor does not ruin another person’s credit by using a fictitious social security number that belongs to another innocent person.

2. What should I bring to my meeting of creditors?

Your trustee will usually contact you or your lawyer with a list. It is recommended that your bring:

• Copies of bank account statements if requested;
• Proof of income;
• Your most recent tax return;
• Six months worth of your most recent pay stubs;
• Copies of deeds and mortgages (with promissory notes-sometimes called bonds);
• Any appraisals of your home;
• A list of pending lawsuits that you are bringing or ones in which you are a defendant;
• Any other proof of income or assets that the trustee requests;
• Proof of identity (driver’s license or governmental photo ID; and
• Your social security card; paycheck stub with social security number on it or a W2.