When filing a Chapter 7 or Chapter 13 bankruptcy, there is a required hearing called the 341 Meeting of Creditors. There are two purposes for this meeting:
1. The debtor swears under oath that the petition filed is true and complete.
2. The creditors can question the debtor.
While it is not common for a creditor to actually attend a 341 Hearing, the debtor is required to appear.
What to expect at a 341 Hearing: Who Leads the Hearing and What Questions Will Be Asked?
The bankruptcy trustee assigned to your case will oversee the 341 Hearing and ask the questions. The trustee will begin by asking the debtor to verify their name and address for the record. Then, they will ask some questions to verify the information provided by the debtor and the petition. These are the types of questions you might hear:
Have you reviewed the bankruptcy petition and statements you have before you?
Is this a complete and accurate list of your assets and debts?
Are there any changes that need to be made or that you would like to make?
Who is your employer and what is their address?
Have you transferred property worth more than $1,000 in the 2 years before you filed your petition?
Have you sold any real estate in the 4 years before you filed your petition?
What If More Information Is Needed: How Is It Addressed in a 341 Hearing?
Sometimes, trustees will ask for more paperwork than what was initially filed. Your experienced Centennial and Aurora bankruptcy attorney can work with the trustee to resolve this issue. They can come to an agreement for the debtor to get the additional needed information to the trustee by a certain deadline. If everyone agrees, then the debtor, trustee, and attorney will sign a stipulation outlining what is needed and when it should be received.
If you are considering filing a Chapter 7 or Chapter 13 bankruptcy, call the best bankruptcy attorney Barry Arrington at 303-205-7870 today for a free initial consultation to begin your journey towards financial freedom.