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Middletown Lawyers Discuss The Chapter 7 Section 341 Meeting in New York

The primary focus of the examination by the Chapter 7 Trustee is to ascertain if you have any non-exempt assets that can be liquidated. The Chapter 7 Trustee will ask questions about your household size and budget, to determine if you truly belong in Chapter 7, and will inquire about any recent asset transfers that you may have made to ascertain whether said transfers can be set aside and recovered for the estate either as a fraudulent transfer or a preferential transfer.

Once sworn in, the debtor should expect a series of questions similar to the following, with appropriate follow-up questions when an affirmative response is received:

  • Do you own any real estate now?
  • Have you owned any real estate in the past 6 years?
  • Do you own any businesses?
  • Do you own any stocks, bonds, certificates of deposit (CDs), mutual funds or promissory notes?
  • Do you have any bank accounts or investment accounts?
  • Do you own any motor vehicles or boats?
  • Do you own any recreational vehicles?
  • Are there any claims for personal injury or medical malpractice that you are bringing, or could bring?
  • Have you been injured in any car accidents or “fall down” incidents in the past 3 years?
  • Does anyone owe you any money for any reason?
  • Do you have any grounds to sue anyone for anything?
  • Are you expecting any income tax refunds for the current or most recently filed tax year?
  • In the past 2 years have you sold, given away, traded in or in any way transferred any asset worth more than $2,000.00?
  • In the past year, have you repaid any debts owed to family members, friends or business associates?
  • Have you made any large repayments to credit cards in the past 4 months?
  • Have you had more than $5,000.00 in your bank account at any time during the past year?
  • Describe everything that you have owned in the past year that was worth more than $5,000.00?
  • How did you get into your financial difficulties?
  • Are you employed?
  • How frequently are you paid?
  • How many people live in your household?