As I have outlined in prior blogs, one must attend a 341A Hearing (also referred to as a 341A Meeting of Creditors) following the filing of one’s bankruptcy petition. The hearing is generally conducted within thirty (30) days of the date of filing. The hearing is conducted by a panel trustee who will be asking questions throughout the hearing.
The following is a listing of frequently asked questions at such a Chapter 7 hearing (in no particular order):
- Do you recognize the signature on the sixth (6) page of your petition? Whose signature is it?
- Did you review the entire petition prior to signing?
- Is the petition complete and accurate? Any changes needed?
- Have you ever filed for Bankruptcy before? If so, when and under what chapter?
- Do you own a house? If so, when purchased and for how much?
- What is the house worth today and what did you base this value on?
- How much is owed on the house and with what lender(s)?
- How much would I get if I sold all of your jewelry?
- Do you own any stocks or bonds?
- Can you sue anyone as a result of an injury, breach of contract or wrongful termination?
- Do you have any IRA’s, 401k’s, pensions and/ or Profit Sharing plans?
- If I sold all of your furniture and furnishings, how much money would I receive?
- Do you have any Educational IRA’s?
- Are you running or operating your own business?
- Have you run or operated your own business in the past 4 years?
- Do you have a safe deposit box?
- Do you have a storage unit?
- Have you paid back any friends or family members more than $1,000.00 in the past 2 years?
- Have you sold or transferred anything of value in the past 2 years?
- How long did it take for you to accumulate this debt? And
- What caused you to file bankruptcy here today?
This is a sampling of the questions most of my clients have or will receive at their 341A hearing. Depending on the answers to the questions above, there may be a number of follow up questions posed by the trustee. Most hearings will take no more than five (5) to ten (10) minutes to complete. That being said, this is an important hearing and you should go into it prepared and having fully reviewed your previously filed petition. It is always important to remember to answer the questions as posed. Never volunteer information. Your attorney should be seated next to you so you will not have to “go it alone.” The key is to be prepared and to honestly and accurately answer the questions presented to you.
At Reinheimer & Reinheimer your attorney, not an outside party, will always attend your hearing with you. In fact, we prefer to bring you to the hearing well before its scheduled time to ensure a smooth and stress free experience.