3 Things You Can Expect At Your 341 Hearing
Posted on: 9 March 2016
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After filing for Chapter 7 bankruptcy, your case will be scheduled for its 341 meeting. This is also referred to as a meeting of creditors. This meeting isn't optional. You have to attend. Otherwise, you could wind up having your whole case thrown out and you having to start the process all over again.
Only certain people attend the meetings.
Oftentimes, creditors aren't going to show up for these meetings because they aren't required to be there. There are instances where they do show up though. If you have a boat, recreational vehicle, car or other piece of property that you didn't put in your bankruptcy paperwork, the creditor will often show up to the hearing to find out where you hid the item. When you have property that you owe money on, you can expect the creditors to show up to find out whether you are going to continue paying on the property and retain ownership or if you plan on giving it back. They will also inquire as to what the condition of the property is.
Make sure you take everything needed to the meeting with you.
There are a number of different documents that you need to take to your 341 meeting with you. Bring your identification card and social security card. If you don't take those documents with you, they will not be able to conduct the meeting because there is no way to confirm your identity. They end up rescheduling your meeting and your case is pushed back further. The trustee might also ask for additional documents, such as car titles, property deeds, tax returns, bank statements and pay stubs.
Prepare for the questions that will be asked at your meeting.
Before the meeting occurs, the trustee will have had time to look through your paperwork, expenses, debts, income, pay stubs and tax returns. The main goal of the trustee is to sell off any of your nonexempt property and use the funds to pay your unsecured creditors. They also look for possible bankruptcy fraud, whether your paperwork is complete and accurate or not and perform an investigation into your finances and property.
Make sure to answer all of their questions completely and honestly. You are under oath after all. You don't want to subject yourself to any perjury charges.
Preparing for the after effects.
You will need to provide proof of completion of your credit counseling before filing and the debtor education course before you are eligible to have your debts discharged. Complete them as quickly as you can. As long as none of your creditors try to object to your filing, you will end up receiving your discharge paperwork soon after your meeting.
Your attorney will be able to prepare you for the upcoming meeting. They will also make sure all of your paperwork is in order to prevent any delays. For more information on bankruptcy, visit http://www.lebaronjensen.com/.