What to Expect at the Chapter 7 Bankruptcy Meeting of Creditors

Jan 17, 2017

Your bankruptcy has been filed and your bankruptcy hearing, called a Meeting of Creditors hearing, is quickly approaching. All your information is listed correctly, you have your driver’s license and social security card ready, but you are still nervous about the hearing. Here is what you need to know to calm your nerves.

341 Hearing

The Meeting of Creditors hearing, also known as a 341 hearing, is typically the only court hearing in your bankruptcy proceedings. Your bankruptcy attorney will appear with you and most hearings last no longer than 10 minutes. The hearing will take place in a meeting room and not in a court room. Also, there will not be a Judge present; the hearing is ran by the Trustee.

Trustee

Your bankruptcy Trustee is not a judge but, typically, an attorney appointed to conduct a review of your bankruptcy. The Trustee’s job is to find out if there are any unexempt assets available to liquidate and pay your creditors. The Trustee will ask several questions to ensure that you and your attorney have listed all of your assets properly. Remember, you will be sworn in, so make sure that you answer all the questions honestly. Most of the questions the Trustee will ask have already been asked and answered in your bankruptcy paperwork.

Common Questions

Here is a list of common questions asked at a 341 hearing:

State your name for the record. Have you used any other names in the past 8 years?

Do you have your Social Security Card and Driver’s license available?

Are there any creditors present?

Is your name and social security number correct on your paperwork?

Have you ever used any other social security number?

Did you personally review your bankruptcy paperwork in detail before signing?

Is all the information on your paperwork true and correct?

Is the information still true and correct?

Did you list everything including any gifts or inheritance?

Have you ever filed bankruptcy before?

Did you list all money owed to you including money owed from family?

Do you have any corrections or amendments to make to your bankruptcy?

Any changes in your income?

Have you made any recent large payments to any creditor?

Every bankruptcy case is different and the Trustee may ask specific questions about your bankruptcy especially if you own your own business, received a large amount of money prior to filing or have a pending personal injury case.

Creditors

All creditors listed in your bankruptcy are given notice of your bankruptcy and the hearing. If one of your creditors feels like their debt should not be discharged in bankruptcy they have the right to appear at the hearing to ask questions about your assets and financial acts done before the filing of your bankruptcy. Just because the creditor doesn’t want the debt discharged in bankruptcy, doesn’t hold up. The creditor needs to show the court why the debt should not be discharged. That said, it is very unlikely that creditors will be at your hearing.

Pedersen Law Office

Having an experienced bankruptcy attorney handle your bankruptcy, who clearly explains the process and ensures that all your assets are properly listed and exempted, should help elevate the stress of having to file bankruptcy. Pedersen Law Office, LLC offers free consults in all of our areas of practice and will meet with you personally to discuss your specific circumstances and see what options are available for you. Our law office serves the communities of Appleton, Neenah, Menasha, Oshkosh, Green Bay and their surrounding areas.