Preparing for the Bankruptcy Meeting of Creditors
What is a 341 Hearing?
When you file bankruptcy, you will be required to make an appearance in the case. This appearance is known as a meeting of creditors, or a 341 meeting / hearing.
The meeting of creditors typically takes place about 30 days after you’ve filed and doesn’t last very long; it’s usually less than 10 minutes.
The meeting is also not conducted in a courtroom or by a judge.
What Happens During a 341 Hearing?
During the meeting of creditors, you will meet with the bankruptcy trustee, who is responsible for overseeing your case and determining if there are any unprotected assets that can be sold for the benefit of the creditors.
The meeting will largely concern the paperwork you’ve filed, and trustees will make sure your reported income is correct and that your assets and property are accounted for. They will ask you several routine questions under oath. Creditors are able to attend these hearings, but in most cases they do not.
What Questions Will Be Asked in a 341 Meeting of Creditors?
At Wadhwani & Shanfeld, our bankruptcy lawyers help our clients understand and prepare for their 341 meeting, which will include a thorough review of their bankruptcy petition. We will also help clients gather the necessary documents and be ready for questions trustees may ask. Again, these questions are routine and straightforward.
Examples of questions a trustee may ask include:
- Is the information you provided true and correct?
- Have you listed all of your assets and creditors?
- Have you filed bankruptcy before?
- Have you transferred property within the last four years?
- Are you currently a plaintiff in a lawsuit?
- Does anyone owe you money?
- Do you have other sources of income?
- What is your reason for filing for bankruptcy?
- Are you current with your tax filings for the past four years?
- What is your monthly income?
- How did you value your home and car?
The meeting of creditors is simply another step in the bankruptcy process that, once completed, will bring you one step closer to your financial fresh start. We know that it can seem intimidating and we do everything in our power to set our clients at ease by addressing all their concerns and helping them understand what to expect – something we’ve done for more than 15,000 clients.
We Guide You Through the Bankruptcy Process
If you have questions about the bankruptcy process, your unique situation, and how Wadhwani & Shanfeld may be able to help you, we’re available to discuss your current situation during a free consultation. Tell us about your case.
