What Happens at a Bankruptcy 341 Meeting (Trustee, Creditor Hearing)?


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What Happens at a Bankruptcy 341 Hearing?

Imagine pushing open the heavy wooden doors and walking into the courtroom. A menacing figure looms over you from the bench, leering as every step you take echoes off the cold marble floors. With a startling crack of his gavel on bench, the Judge snarls:

If you cannot list your savings account balance for the consecutive days between August 4th and September 26th, I will hold you in contempt!

And then you wake up. It is the morning of your 341 hearing and, like most bankruptcy debtors, you are terrified of the upcoming meeting. Hopefully, if you have hired a qualified bankruptcy lawyer, they have already explained what you can expect at your 341 hearing. If not, take a deep breath. I am a bankruptcy attorney, and I am telling you that your 341 hearing is nothing to lose sleep over. Still don’t believe me? I though so. That is why I have taken the time to explain a little about 341 hearings below.

After you file your bankruptcy petition, under either Chapter 7 or Chapter 13 of the bankruptcy code, you will be required to attend a meeting of creditors (a 341 hearing). The meeting is commonly scheduled in the ballpark of 30 days post filing. The most important thing to remember is that the 341 meeting is informal, short and often the only meeting you’ll need to attend.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Christopher Ariano, Ariano and Associates, PLLC | Attorney Advertising

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