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Do I Have to go to Court?

In every Bankruptcy case the “debtor” or person filing bankruptcy, will have to appear at what is called a “Meeting of Creditors” or “341 Meeting”. Many of our clients are nervous about this Meeting at first but are surprised to find that it is a simple process that is much less daunting than originally thought.

When is the meeting?

The meeting is typically held about 3-4 weeks after the case is filed. The trustee and the court set the date and time of the meeting. You will not get to schedule the meeting.

Who will be there?

At the meeting you are required to “appear”. This doesn’t necessarily mean going to the courthouse. Due to COVID, many meetings are held over the phone and via Zoom. Meetings could end up returning to a courthouse setting in the future. In addition to yourself, your Bankruptcy Attorney will be present as well as the court appointed bankruptcy trustee.

Creditors and the 341 Meeting

At the 341 Meeting, the debtor(s), your bankruptcy attorney, and the bankruptcy trustee attend. Despite the name of the meeting, creditors rarely attend. Creditors often have very little to gain from attending the meeting due to the speed and straightforward nature of the meeting.

What Happens at the Meeting?

The purpose of a 341 meeting is to obtain sworn testimony from the debtor to verify the validity of the information provided in the debtor’s bankruptcy petition as well as determine if any major changes have occurred since the petition was filed. Some questions that the bankruptcy trustee may ask are:

• Have you listed all your assets?
• Why are you filing for bankruptcy?
• How did you determine the value of your property listed on your paperwork?
• Have you repaid any of your creditors within the 3 months prior to your bankruptcy?
• Has your income or your occupation changed since the petition was filed?

What Happens After the Meeting?

Your Bankruptcy Attorney will reach out to you after the meeting if there are any follow up items that need to be tended to. If there are no follow up items, you can anticipate to receive your Final Decree and Discharge closing the case about 60-75 days after the meeting is held in most cases where there are no assets that are being liquidated.
For a free bankruptcy consultation, contact your Yuba City bankruptcy attorney at (530) 780-7005.

The post Do I Have to go to Court? appeared first on Law Office of Seth L. Hanson.



This post first appeared on Law Office Of Seth L. Hanson Bankruptcy, please read the originial post: here

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Do I Have to go to Court?

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