What to Expect in a 341 Hearing

The 341 hearing is also known as the meeting of the creditors, although it is usually just a meeting between a client and attorney. Creditors can join, but they most often do not.

341 meeting is the meeting of creditors.

You’ll want to read and review the bankruptcy petition and be sure that it appears correct. Be sure to take note of false data, or recorded inaccurate information. In the event of a mistake, you will want to do the following.

The 341 hearing has its name because it is required by the bankruptcy code 341. Your trustee will ask you questions, and the only takes about five to ten minutes.

How To Prepare For Meeting of the Creditors or 341 Hearing

You’ll want to read and review the bankruptcy petition and be sure that it appears correct. Be sure to take note of false data, or recorded inaccurate information. In the event of a mistake, you will want to do the following.

Before the meeting of creditors, carefully review your bankruptcy petition. If you find that you’ve missed something or an entry is inaccurate, you should:

1. File an amendment before the hearing

2. Be sure to tell your trustee at the start of the hearing.

3. Always be honest and never look like you are keeping information from your trustee. They are there to help you. Tell them before they ask questions.

Items to Bring with you to the 341 Hearing

  1. Your driver’s license or photo ID
  2. your Social Security card or evidence of your Social Security number ( or a declaration that you don’t have a Social Security number
  3. All bankruptcy documentation
  4. Proof of income
  5. Bank statements or investment account statements
  6. Documents from the means test
  7. Records required by local court rules, anything requested by the trustee

Although the 341 hearing is not in a courtroom and takes place in a meeting room, you are still under oath. There will be no judge present, and only your trustee runs the meeting. Your trustee will swear you in and ask you questions.

What kind of Questions are asked at a 341 Hearing?

The trustee will ask a group of questions that relate to your petition. The trustee will ask if the information is correct or if you deleted any items and if you are in agreement with what is on it.

Next, the trustee will ask further questions in regards to assets and debts. They will ask questions so that they can determine which debts could be discharged.

Typical questions include:

  • How did you afford your house, car, or luxury items?
  • Will you receive any tax refunds?
  • Have you sold any assets within the last year?
  • Does anyone else hold property that you own?
  • Will you receive an inheritance or life insurance payout in the future?
  • Will you be collecting any property as a result of a divorce in the next year?
  • Will you earn money from a business or another entity?
  • Were you in any recent accidents where there could be a claim involved?
  • Did you make any substantial payments to relatives or creditors?
  • Are you owed money from anyone?

Your Creditors

Your creditors will receive a notice of your 341 hearing, and most do not appear. If they do appear in the very few cases here is what may happen.

The creditor wants to know if you incurred debt without the intention of paying it. They will ask about cash advances or charges made and make sure that it matches the information that you gave to the courts on the bankruptcy papers.

They may ask what you are going to do with the secured property. It depends on what you owe and who you owe. Your attorney will be happy to clear this up for you

That is all you need to know about the 341 Hearing. You Oklahoma Bankruptcy Attorney will take care of you and you do not need to worry about this process. Marty Martin Law understands these well and will answer any questions that you have. Just call anytime at (405) 233-0623

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