Attorney at Law

Meeting of Creditors

 Meeting of Creditors and the Role of the Trustee


Hire an Experienced Charleston Bankruptcy Lawyer

From my law office in Charleston South Carolina I help people throughout the Charleston metro area to obtain debt relief through bankruptcy. As a solo bankruptcy attorney, I work one on one with you to eliminate overwhelming debt and obtain the fresh start you need to move on with your life.

The 341 Meeting of Creditors and The Role of the U.S. Bankruptcy Court Trustee

Between 21 and 40 days after your Chapter 7 bankruptcy petition is filed with the court, the trustee holds a “meeting of creditors.” As your bankruptcy lawyer, I will attend that meeting with you. During this meeting, you will be sworn in, and the trustee will ask you questions about your financial situation, and the statements made on your petition. Creditors have an opportunity to appear and ask you questions also. You and your spouse are required to attend this meeting, and you must bring your current valid picture identification and your social security card. The meeting of creditors is short, lasting less than 15 minutes in most cases. Within 14 days of this meeting, the trustee will file a report with the South Carolina Bankruptcy Court, addressing any presumed abuse, or filing a report of no distribution, or a report that he is investigating assets further.

It is imperative that you cooperate and provide the trustee with all documents requested. As your attorney, I ensure the trustee receives all documents relevant to your bankruptcy filing. It is always in your best interest to be honest and forthcoming with the trustee. The trustee will make sure you understand the effect of your filing and the potential consequences. As your bankruptcy attorney I will go over all questions you will be expected to answer prior to your 341 meeting.

The trustee’s role in South Carolina is to ensure that all assets have been included on your petition that these assets are indeed exempt, and if not, he or she will determine what is available to sell for benefit of your creditors. In most case, though, there are no assets for creditors, as most are exempt. In most cases, the trustee files a report of no assets, meaning there will be no distribution of proceeds to any of your creditors.

If there are assets to sell, for example, you want to surrender your home, the trustee will sell that asset and divide the proceeds of the sale among your creditors (after the secured mortgage holder is paid).

Starting a bankruptcy case creates an estate. The estate will become the legal owner of all of your property, until your discharge. You keep the exempt property of the “estate” and the trustee sells of the nonexempt property for benefit of your creditors. This is the primary role of the trustee – to liquidate your assets in a way that maximizes the return to your unsecured creditors. The trustee can also use his “avoiding powers” to recover money you may have unwittingly paid to creditors in the 90 days prior to your filing. The trustee can set aside such preferential transfers made to your creditors. Your primary concern, however, in a Chapter 7 bankruptcy case, is to retain all of your exempt property and to receive a discharge of all or as many of your debts as possible. I am a qualified bankruptcy attorney here to help you do so.

Contact a Reliable Charleston Bankruptcy Attorney Today

When you need debt relief, call (843) 814-4215 or contact my office online to schedule an initial consultation with Ingrid H. Rudolph, a skilled Charleston South Carolina Chapter 7 bankruptcy lawyer. I offer evening or weekend appointments by arrangement. As a bankruptcy attorney I represent clients in bankruptcy cases in Charleston County, Dorchester County, Berkeley County and Orangeburg County including in the cities of North Charleston, Summerville, and Mount Pleasant.