The thought of filing for bankruptcy is scary for many people. Bankruptcy has a negative stigma that is not warranted, however. When potential applicants for bankruptcy began researching the process, they come across the 341 creditors meeting. The applicant’s creditors are allowed to go to this meeting and ask you questions. The 341 creditors meeting may seem like one of the scariest aspects of filing for bankruptcy, but when you learn more about creditor meetings, you will realize they are not scary at all.
What Happens During a 341 Creditor Meeting?
Whether you file for a Chapter 7 or Chapter 13 Bankruptcy, you will be required to attend a 341 bankruptcy hearing. You will meet with the trustee appointed to oversee your case during this meeting. Do you trust you will verify your information and ask you some questions about your bankruptcy paperwork. Next, creditors can attend and ask you about financial matters It is rare for creditors to come to chapter 341 meetings, however.
Many people assume that the 341 hearing will be a court hearing with a judge in a formal courtroom. This is not the case. A judge will not be present at the 341 hearing. Instead, the trustee will conduct the hearing. As mentioned above, creditors typically do not show up to the meeting. We trust you will swear you in and ask you questions under oath. Once the trust is satisfied, he or she will conclude the hearing. If not, the hearing may continue to another day.
The Benefits of Hiring a Bankruptcy Lawyer
Working with a bankruptcy attorney can help you in several different ways. Your attorney will be able to represent you at the 341 creditors’ meeting. Before the 341 meeting, your attorney can review your bankruptcy petition carefully. If they find any inaccurate or missing information, your lawyer can file an amendment before the hearing or be prepared to address the issue to the trustee after the hearing.
Your attorney will also ensure that you have all the documents you need at the 341 hearing. You will need to bring documents verifying your income, such as paycheck stubs, bank and retirement statements, and income tax returns. Depending on your trustee, he or she may require you to bring additional documents.
What Happens After the 341 Creditor Meeting?
In most cases, the bankruptcy court will discharge a Chapter 7 bankruptcy approximately 60 days after the trustee closes the hearing. If you file for Chapter 13 bankruptcy, The next step will be getting your Chapter 13 repayment plan approved at a separate confirmation hearing. Your bankruptcy attorney can guide you through the steps you need to complete before the court discharges your bankruptcy.
Discuss Your Case with a San Diego Bankruptcy Lawyer
Are you considering filing for a Chapter 7 or Chapter 13 bankruptcy in San Diego? If so, the Bankruptcy Law Center is here to help. Contact our experienced San Diego bankruptcy lawyers today to schedule your free National consultation.