What is the 341 hearing?

On Behalf of | Oct 7, 2019 | Personal Bankruptcy |

After you file for bankruptcy in Florida, you will receive a notice regarding a 341 hearing. This notice is for folks who file for Chapter 7 and Chapter 13. It is referred to as the meeting of creditors. The hearing is scheduled 30-35 days after the case is filed. The name 341 comes from the section of bankruptcy code. Those who attend the meeting are you, the trustee and any attorneys involved. Rarely do creditors attend the meeting unless they suspect fraud or abuse or have more questions to ask the debtor under oath regarding the debt owed to them.

The purpose of a 341 meeting is to double check the bankruptcy paperwork and verify your identity as well as social security number. The hearing determines if your bankruptcy paperwork is in order and is designed to allow the trustee to examine your assets and debts and things that you have done prior to the filing of the case.

At the hearing, the trustee asks a series of questions after he or she has carefully reviewed the bankruptcy petition. These questions include the following topics:

  • Assets
  • Debts
  • Dependents
  • Financial obligations
  • Marital status
  • The reason for filing the case
  • Transfers made within two years of the case
  • Payments to family members or friends within a year of the case

Once the assets undergo identification, you will also have to answer questions about any money you may receive in the future. For instance, if you have tax refunds or pending lawsuits, an inheritance then you will be questioned about these issues. If you own a business, then you will also have to answer about liabilities and assets of your business and if your percentage of ownership in the business.

The 341 hearings are held by Chapter 7 or Chapter 13 Trustees, who are usually experienced attorneys or CPAs and not judges.

The information provided is not intended as legal advice. It is for educational purposes only.