Whether you file for a Chapter 7 or Chapter 13 bankruptcy you be required to attend a 341 hearing and meet with your bankruptcy trustee. While this may seem like a stressful process, our Los Angeles debt relief team shows you exactly what to expect below.
How to Prepare
There are a number of preparations you can make for the 341 Meeting of Creditors to ensure a smooth process. The first thing you should do is carefully review your bankruptcy petition to make sure you don’t miss any important mistakes. If there are inaccuracies or missing pieces you should either file an amendment prior to the meeting if possible or prepare to inform your trustee of the issue at the hearing
One of the most common issues filers run into when reviewing their petitions are typos or mistakes in listing their name exactly how it appears on their license, passport, or government ID card. One of these forms of identification is required alongside your Social Security card at the beginning of the hearing, and making sure they match is crucial.
During the Meeting
The length of the meeting itself if runs about one hour, with typically nine other bankruptcy filers presenting their cases alongside you. Once the trustee calls your case, proceedings tend to move quickly, taking around ten minutes.
Some questions you can expect to receive include:
- Did you review your bankruptcy petition and schedules before you filed them with the court?
- Is all of the information contained in your bankruptcy papers true and correct to the best of your knowledge?
- Did you disclose all of your assets?
- Did you list all of your creditors?
- Have you filed for bankruptcy before?
- Has anything changed since filing your bankruptcy?
- Are you required to pay any domestic support obligations such as alimony or child support?
- Have you filed all tax returns as they have come due?
- Have you made any payments to creditors exceeding $600 in aggregate in the last year?
- Does anyone owe you money for any reason?
While these questions warrant short responses, if there are any issues, you may need to schedule another meeting to discuss them further.
Your creditors will be notified of the 341 hearing, but most won’t make an appearance. Creditors will typically use the 341 hearing to ask questions about your dealings with them in order to determine whether opposing the discharge is worth it. While most creditors are likely to settle issues without litigation, some may continue the hearing to ask further questions if aspects such as hidden assets appear.
Contact Our California Bankruptcy Team Today
While the 341 Meeting of Creditors may seem like a daunting and overwhelming process, we are ready to take every step with you. At Weintraub Zolkin Talerico & Selth, we are committed to compassionate and personalized services to ensure you find the financial freedom you deserve.
If you would like to find out more about how we can help you get rid of debt, get in touch with us today through our website or give us a call at (310) 220-4147 to schedule a consultation.