What happens at the 341a meeting of creditors?
So your chapter 7 bankruptcy has been officially filed and you find out that you have to attend a 341a meeting of creditors. But what happens at this bankruptcy meeting? Let’s discuss that. I’ve also attached a video discussing this in case you prefer to watch a video.
When is the 341a meeting of creditors?
Your 341a meeting of creditors is approximately 21-50 days after you file your bankruptcy petition. You should receive notice in advance so if you need to take time off from work you can do so.
What should I do before the 341a meeting of creditors?
Each jurisdiction and Trustee has different requirements on what they will need prior to your 341a meeting of creditors. If you are not represented by an attorney, you should contact your trustee to ask what documents they will need. All bankruptcy trustees will require that you submit your most recent tax return filed (within the last 7 years) and your paycheck stubs. Some trustees have special questionnaires that you must submit. Others may request alot of other supplemental documentation (ex. leases, mortgage statements, auto loan statements, retirement account statements, bank statements etc). So its important that you find out what is required of you from the trustee’s office. These documents must be in the Trustee’s possession at least 7 days prior to your hearing date. If you are a bankruptcy client with the Law Offices of Chirnese L. Liverpool we handle submitting the required documents to the trustee prior to your hearing, so that’s one less thing that you have to worry about.
Can I wear jeans to my 341a meeting?
Yes, as long as you are presentable you can wear jeans to your 341a meeting of creditors. Its not a court hearing. Its not before a Judge, so there’s no need to wear your Sunday best, however you still look nice.
What do I need to bring to my bankruptcy hearing?
On the day of the hearing, you will need to bring unexpired identification and proof of your social security number. These must be original documents and not copies. Acceptable forms of ID are:
- state-issued driver’s license
- state-issued identification card
- U.S. Passport
- military ID
- government ID
- student ID, or.
- resident alien card.
Acceptable forms for proof of your social security number (SSN) are:
- social security card
- medical insurance card (if it has your full SSN on it)
- paystub
- W-2 form
- IRS form 1099
- social security administration statement / report (must have your full SSN on it)
Will my creditors be at my meeting of creditors?
In 95% of cases that I have represented, no creditors have appeared. Cases where creditors tend to appear is when there is some fraud involved or you have a personal creditor (not a corporation or lawyer) and they think that they need to appear. In most non-asset bankruptcy cases, a creditor knows they will not receive any funds so it doesn’t make sense for them to hire an attorney at $300+ an hour for a debt that will be discharged.
What questions does the trustee ask at the 341 meeting?
Some of the typical questions that trustee may ask:
- Did you have a chance to review your petition and schedules before you signed them?
- Did you list all of your assets?
- Did you list all of your debts / creditors?
- Is everything in the petition true, accurate and complete?
- Are there any changes that you want to make to the petition?
- Do you have any child or spousal support obligations?
- Have you sold or transferred anything to anyone worth more than $4,000 in the last few years?
If you have a business, home or other valuable assets they may have some specific questions regarding those assets as well.
What happens after the hearing is concluded?
After the hearing is concluded, the trustee will file his report recommending your discharge or he will file a report indicating there are assets and it will become an “asset” case.
How long after my 341a meeting of creditors will I receive my discharge?
There are a few deadlines that must pass before the court will issue your discharge. Usually its approximately 2-3 months after your hearing before your discharge will be entered if all other requirements for discharge have been satisfied.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
If you are considering filing bankruptcy in California or Nevada we’d love to talk with you regarding your legal situation. Feel free to contact us to schedule your bankruptcy consultation.
This blog is for general entertainment purposes and should not be used as legal advice. Please talk to an attorney regarding your particular situation.