Understanding the Meeting of Creditors in Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy is much more involved than simply filling out a few forms and signing your name. In fact, debtors who seek relief through bankruptcy must complete a number of steps in the process to confirm they are actually in need of Chapter 7 bankruptcy and are not committing any type of bankruptcy fraud. One part of the bankruptcy process is a legal hearing known as the 341 hearing, or meeting of creditors. This is where the debtor will meet with the bankruptcy trustee and all creditors so they can ask the debtor any questions they might have about his or her financial situation.
As a debtor, it is important that you prepare for this meeting. For more information about the 341 hearings and how you should prepare, contact a Raleigh Chapter 7 bankruptcy lawyer from the Bradford Law Offices, PLLC, today at 919-758-8879 and schedule a free consultation to discuss your legal options.
What is the 341 Hearing Process?
The main purpose of the meeting of creditors is to make sure all of the information in your bankruptcy filing is verified and to give creditors an opportunity to challenge any information they believe is inaccurate. The meeting typically goes through the following process:
- The bankruptcy trustee examines your identity and then questions you about assets to determine which are exempt and which are non-exempt
- If a creditor attends, he or she can then examine you if they wish
- If any creditor or the bankruptcy trustee needs additional information, a date for another hearing will be set
- If no further examination is needed, the trustee will conclude the meeting and move forward
Going through bankruptcy is complex and can be frustrating. Fortunately, you don’t have to deal with the 341 hearing or any part of your bankruptcy process alone. Take legal action today and speak with a Raleigh Chapter 7 bankruptcy attorney at the Bradford Law Offices, PLLC, today at 919-758-8879.