The Meeting of Creditors in Chapter 7 Bankruptcy
Going through the process of Chapter 7 bankruptcy requires several steps and processes which are aimed at confirming the information you provide when you file and preventing the possibility of fraud on the part of debtors. One of the more in-depth parts of the bankruptcy process is a mandatory legal hearing commonly referred to as the meeting of creditors or the 341 hearing, wherein you will meet with the bankruptcy trustee assigned to your case and any creditors who choose to attend in order to answer questions about the state of your financial affairs.
Preparing for the meeting of creditors is just one part of a long legal process, and the experienced Houston bankruptcy attorneys at the Russell Van Beustring P.C., can guide you throughout so that you are fully prepared to answer any questions about your finances and can expedite the process of your bankruptcy as much as possible. To learn more about how an attorney can help, call us at 713-973-6650 today.
The 341 Hearing Process
The purpose of the meeting of creditors is primarily to verify the information in your bankruptcy papers and allow your creditors the opportunity to challenge any statements they believe to be false, all while you are under oath. The process typically goes like this:
1. The bankruptcy trustee examines you, first by confirming your identity, and then by questioning you about the status of your assets in order to confirm which of these are exempt and non-exempt.
2. Any creditors who choose to attend may then examine you as well, although often none will attend.
3. The trustee concludes the meeting and moves forward with the bankruptcy process, or sets a date for a further hearing if they determine that more information is needed.
With adequate preparation, the meeting of creditors can be a quick and painless process in which you simply confirm the information that has already been provided to the court.
The bankruptcy process is simply a tool to be used to responsibly manage your finances in times of economic crises, and the guidance of an experienced Houston bankruptcy lawyer can make the entire undertaking a smooth and swift one. For a free consultation to discuss the details of your case with our legal team, call the Russell Van Beustring P.C., at 713-973-6650.