One of the things you'll have to do as a part of the bankruptcy process in Ohio is attending a meeting of creditors. Sitting down with your creditors may sound stressful, but in reality, creditors rarely attend the meetings. The primary focus of the meeting will be the questions the trustee asks you. You will be under oath, so it is important to be prepared to give honest and complete answers.
According to the U.S. Department of Justice, here are some examples of the types of questions the trustee may ask:
The trustee will want to know whether you read all the documents, understood them and signed them. These include the following:
- The bankruptcy petition
- Schedules listing your property, assets, exemptions, creditors, income, expenses, etc.
- Statements of current financial affairs, Social Security number and other required information
- Other documents as requested
You will also have to verify that all the information is true, and that there are no debts or other relevant facts missing from the documents.
If you own or have owned property, the trustee may ask you for details. For example, if you currently own property, you may be asked about when you made the purchase, how much you paid and whether there is a mortgage on the property. You may also need to provide information about the property's current value and whether anyone else has a share in the property. If you made any transfers of property in the past year, the trustee may ask you about the property, the person you transferred it to, whether he or she gave you anything in return and what you did with that money or other asset.
The trustee may want you to explain the details about any money that may be coming to you. If you loaned someone money and he or she has not paid you back yet, you may need to explain who you loaned it to, where that person is and whether you attempted to collect the money.
Any money you had in checking, savings or other accounts at the time of filing should already be documented, but the trustee may want you to go into more detail. You may be asked whether you have winning lottery tickets that you have not cashed in yet or money that will be coming to you from a divorce settlement, inheritance, trust or life insurance policy.
This can give you a general idea of the types of questions the trustee may ask, but the trustee may ask more questions or fewer based on your individual case. Therefore, the information provided here should not be interpreted as legal advice.