If you file for Chapter 7 bankruptcy, you will soon hear the term "341 hearings." This type of hearing, sometimes known as the "Meeting of Creditors," is held after you officially file for chapter 7 bankruptcy. To properly prepare for the 341 hearing, it is important that you learn more about it as soon as possible. Keep reading to get the 411 on the 341 bankruptcy hearing.
341 Hearing Location
Although the meeting is usually held in a court building, it is usually not conducted within an actual courtroom. A meeting room with a large table surrounded by chairs for the attendees is common.
The Trustee
The trustee is the person in charge of the 341 hearing. The trustee's job began long before the meeting, because they will have already done several things, including:
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Checking your bankruptcy application for accuracy
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Investigating your finances to make sure you qualify for bankruptcy
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Reading up on each debt involved in the bankruptcy
The bankruptcy court is in charge of informing the creditors of the 341 hearing, and inviting them to appear if they wish to do so.
341 Attendees
The attendees at a 341 hearing may include as few as two people: You and the trustee. However, many people do enlist the help of a bankruptcy attorney to help with their case, and the attorney usually attends the 341 hearing along with you.
As mentioned above, the creditors are invited to attend the 341 hearing, however most of them won't do so. In many bankruptcy cases, there are very few assets to distribute, and thus the creditors may feel it's a waste of time to attend.
In the rare event where the creditors feel that you haven't disclosed all of your assets, or if the creditors have questions about property distribution, they may attend the hearing.
Proof of Identity and Paperwork
You will need certain types of paperwork and proof of identity at the 341 hearing. Proof of identity will consist of a driver's license or state-issued identification card. You will also need to bring your social security card.
The other paperwork that you will need to bring will depend upon your the trustee's requirements. The trustee will inform your bankruptcy attorney exactly what paperwork is required. If you don't have a lawyer, the trustee will contact you ahead of time with a list of required paperwork.
Paperwork required may include:
- Bank account statements
- Proof of income
- Deeds to your home or other property
- Vehicle titles
The 341 hearing is one of the most important parts of your bankruptcy. The trustee will use this meeting as an opportunity to make sure that everything is on track for the finalization of your bankruptcy. Use the advice of your attorney and the information above to make sure you are as fully prepared as possible.
For more information, visit http://timgeorgelaw.com or a similar website.
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