Every person who files for bankruptcy must attend a bankruptcy 341 Hearing, so titled because the hearing is required by section 341 of the federal Bankruptcy Code. The hearing is also known as the Meeting of Creditors, but please don’t let that worry you! Creditors almost never show up to the meeting.
To help put your mind at ease, we’ve put together some Quick Facts and 4 FAQ’s about the 341 Hearing.
- It is not a court hearing.
- It does not take place in a courtroom.
- There is no judge present at the 341 Hearing.
- The meeting generally lasts about 10 minutes.
It takes place about a month after you file your bankruptcy case.
- It is rare that creditors attend the meeting.
- Will my creditors show up to the Meeting of Creditors?
While all of your creditors will be notified of the hearing and have the right to attend, they rarely do. Why don’t creditors attend? In most cases, they have no compelling reason to attend. Getting relief from your debts by filing for bankruptcy is your legal right. So long as your bankruptcy petition is in order, you qualify for bankruptcy, and you are not hiding assets – there is not anything a creditor can do to prevent your debt from being erased through bankruptcy.
- Will I have to explain why I am filing for bankruptcy?
No. First, in the unlikely event, a creditor does attend the meeting, they are only permitted to ask you questions about the information contained in your bankruptcy petition and the nature and location of your assets. They cannot badger you or otherwise harass you. Again, bankruptcy is your legal right. You do not have to explain why you need to file for bankruptcy.
- If there is no judge at the 341 Hearing, who conducts the hearing?
The hearing is conducted by the bankruptcy trustee assigned to your case.
The bankruptcy trustee’s role is to oversee and administer your bankruptcy case. The purpose of the 341 Hearing is to give the bankruptcy trustee the opportunity to: verify your identity, question you under oath under penalty of perjury, examine your case for bankruptcy fraud, and determine if you have unprotected assets for the trustee to seize and sell to pay back some or all of your creditors.
Read about how most people get to keep most or all of their belongings through bankruptcy: Filing Bankruptcy Does Not Mean Giving Up All of Your Possessions.
- What questions will I be asked at the 341 Hearing?
Most of the questions you will be asked are routine and easy to answer. It is important, to be honest, and concise when answering questions. Common questions the trustee may ask include:
- Did you review your bankruptcy petition and schedules before you filed them with the court?
- Is all of the information contained in your bankruptcy papers true and correct to the best of your knowledge?
- Has anything changed since the date you filed your case?
- Did you list all of your debts?
- Did you disclose all of your assets?
When you hire us to help you erase debts through bankruptcy, it is our job to make sure you are prepared for the 341 Hearing. And we will be sitting by your side at the hearing.
For over 35-years we have proudly served the people in Savannah, Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Springfield, Pembroke, Brooklet, Garden City, and Ludowici, Georgia.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.