Top 10 Things You Should Know About Your 341 Bankruptcy Hearing

Getting ahead of the game and being completely prepared for your 341 bankruptcy hearing isn’t that difficult and if you are prepared it will save you a lot of headaches.

The 341 meeting (also known as the meeting of the creditors) is associated with a chapter 7 bankruptcy filing and must be done in order for a chapter 7 to go through.

Your 341 hearing will involve the trustee organizing the selling of your non-exempt property in order to pay off creditors, determine if there’s an fraud taking place, ensure your paperwork is in proper order investigates the ins and outs of your property and finances.

This all must be done there are still a number of points you need to know in order to be prepared and successful in the hearing.

Without further ado, here are the top 10 things you should expect at your 341 bankruptcy hearing:

1. When does the 341 hearing take place?

In Connecticut, the 341 meeting of the creditors takes place 30 days after filing for bankruptcy.

2. Is there going to be a judge present during the hearing?

No, there will not be a judge present during the 341 hearing but the Chapter 7 trustee will be present.

3. Will my case be reviewed by the Chapter 7 trustee at the 341 hearing?

No, the Chapter 7 trustee will start his or her investigation into your case once you file it and will also review your documentation before your 341 hearing. Subject to review will be your debts, expenses, income, current and past tax returns and a statement of your financial affairs which includes major transactions.

4. What do I need to bring with me, anything?

Yes, you definitely need to ensure you bring with you your social security card (or legal representation thereof which can be obtained from the Social Security Office and photo identification – generally in the form of a driver’s license or similar. Do not bring as identification anything that doesn’t display your social security number like a passport or social memberships. Not having or forgetting these documents will lead to you having to reschedule the hearing and possibly pay some additional legal fees.

5. Is that all I need to bring?

It depends on what exactly the trustee would like to see from you. The Chapter 7 trustee could also request that you bring things like bank statements, property deeds, pay stubs and even mortgage documentation. If the trustee requires further documentation as to your station, he will give prompt notification to your attorney who will let you know in advance so you can organize these documents.

6. What happens when we get to the hearing?

Once you arrive at the hearing, you and your attorney will take a seat and the trustee will then begin to question you concerning your case and whether you have property he or she can sell in order to transfer the amounts owing to your creditors. You will also be questioned concerning the information in all the documentation you provided.

7. Will my creditors be able to ask me questions?

Yes, not only the trustee, but your creditors are also able to ask, and will ask you questions concerning your station and the documents you provided. Creditors may also ask you about your intentions on paying back any loans you’ve taken out including recent credit card charges.

8. What kind of questions will be be asked specifically?

The general questions you should expect to be asked are questions like “why are you declaring bankruptcy?”, “are all the values in your property schedules accurate?”, “have you begun paying back any of your creditors over the past three months?”, how many dependents you have, whether you pay child support or if you ever have or do own a business. Questions likes these and your answers will help everyone involved understand

9. Will that be the end of the 341 hearing?

That depends on the outcome of the meeting and whether the trustee is satisfied with the outcome. He or she may decide to continue the hearing at a later date if necessary.

10. Is the meeting held in a court room?

No, the meeting of the creditors takes place in a normal regular meeting room. You are sworn in and under oath but there it doesn’t take place in a court room setting.

The 341 meeting is required and must be attended before your bankruptcy hearing can take place but note it is generally is a very simple process that doesn’t take long if you arrive on time. To learn more about your 341 meeting of the creditors and the Chapter 7 hearing, you can read the information on the following link: http://www.actionadvocacy.com/chapter-7-bankruptcy/