For many people who file bankruptcy, the first time they will ever go into a court house will be when they attend their own 341 Hearing.
However, have no fear. It sounds much worse than it actually is. Also, you’re not going to a courtroom, but a small room that happens to be in a court house. There’s no judge and there’s usually no creditors.
In reality, the hearing is over in 5-10 minutes, and I’ll meet you before the hearing, I’ll be in the hearing with you, and we’ll talk about it afterwards.
What is a 341 Hearing? A 341 Hearing is named after Section 341 of the Bankruptcy Code and is a meeting of creditors. However, creditors usually don’t show up. Instead, the Trustee, who is a government employee, asks you a few questions and reviews the petition that we file for you.
Where is the 341 Hearing? Your nearest Federal Bankruptcy Court (or satellite court). Currently, the options are Tucson, Phoenix, Yuma, Flagstaff, and Bullhead City. NOTE: the Flagstaff and Bullhead City locations are limited in their services.
When is the 341 Hearing? Usually about a month after we file your Bankruptcy paperwork (the petition).
How long is a 341 Hearing? Usually 5-10 minutes.
What happens at a 341 Hearing? The first thing is the Trustee will ask for your social security card and drivers license to verify your identity. After this, the Trustee will ask you a few questions such as:
1) Why are you filing bankruptcy;
2) Is everything in the petition accurate;
3) Is there any other property not listed in the petition;
4) Have you repaid any relatives for any debts recently; and
5) Do you have a business.
What happens after the meeting? The Trustee may have some paperwork they want you to file, and if so, we’ll help you get the information ready and we can email it to the Trustee for you.
That’s it! After we’re done, we wait while the Trustee continues to review everything and sends us notice of our success.
If you’re considering Bankruptcy, call us today to schedule a free consultation. Bankruptcy is a powerful financial tool. Let us maximize it’s power for you.