Bankruptcy

The Best Trustee Question, Ever

By Jonathan Alper

Picture this. I?m sitting with a bankruptcy client at a typical trustee meeting. It?s a normal Chapter 7 bankruptcy, and I don?t expect any issues. As soon as the Trustee finishes his usually opening questions and comments he ask the following question:

Trustee: "Mr. Debtor, what is the most valuable thing you own?"

I?m thinking, "what a great question!" The debtor will probably respond that his most valuable asset is something like a piece of jewelry, or an heirloom ,or some artwork which was not put on his bankruptcy schedules. I think my client is about to get himself in trouble.

The debtor is silent. He?s obviously surprised by the question, as am I.

I open my file, find Schedule B of the Petition ( the personal property list), shove the list in front of my client, and say, "Here?s your list of possessions- pick one."

The Trustee quickly retorts. "Maybe his possession is not on the list."

I respond, "I?m sure that it is." (hopefully, the exchange will buy time for my client).

The client thinks some more. Then he answers. "I?d have to say it?s my picture of all my grandchildren."

I say, "Great answer" (Its a great answer because the picture is worhless to anyone but the client, and the picture is not the type of thing listed on a bankruptcy petition).

The trustee says, "That is a good answer."

The meeting continues without incident. That was the best Trustee question I?ve ever heard.

Full post as published by Florida Bankruptcy Law on November 15, 2009 (boomark / email).