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341 is the section of the bankruptcy code that provides for a meeting of creditors. Though creditors is the name of the meeting, it is rare creditors show for the meeting. Really what this meeting is a meeting with the bankruptcy trustee assigned to your case. The trustee reviews your papers and would liquidate any property that is not exempt. Typically, most people don't have any non-exempt assets and the case is a no asset case. The trustee at the 341 meeting asks questions to see if the debtor has any assets he would be interested in, that the debtor is telling the truth and the papers are done correctly. The trustee, if satisfied, will file a report with the judge who then signs off on the debtor's bankruptcy discharge.
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What is the initial bankruptcy hearing called?
341 MEETING OF CREDITORS
You filed bankruptcy 13 and have 2 cars that you are surrendering and want to know when they will be picking the cars up you thought that once you went to the 341 hearing they could pick them up.?
cause an explosion.
Does a non US resident have to attend a 341 bankruptcy meeting?
Yes.
What does bankruptcy status awaiting first meeting mean Ive already had the 341 meeting?
No, it means the 341 meeting has yet to be scheduled. You'll know when you have it as you have to be there.
You filed bankruptcy 13 and have 2 cars that you are surrendering and want to know when they will be picking the cars up you thought that once you went to the 341 hearing they could pick them up?
They can pick the cars up, but you must arrange the schedule with the court.
What happens to an incomplete bankruptcy filing if the filer dies before its completion?
The filer has to be in person for the 341 meeting so the bankruptcy would be dismissed. A bankruptcy may still be discharged if they are just waiting on the judge to discharge the bankruptcy.
Can you file for bankruptcy through a lawyer without ever going to court?
If you file a chapter 7, and there are no problems, you will never go to a court. But you WILL be required to meet with the BK trustee, even if you have a lawyer, for a 341 creditors hearing (these usually last 5 minutes or less)
How many court appearances will you have to make in a ch 7 bankruptcy?
None, in most cases. The 341 meeting, or meeting of creditors, held by the c. 7 trustee, is not a court hearing, and is usually the only event the debtor needs to appear for, to be examined by the trustee under oath.
Can a credit card company you just got a card from argue with the Ch 7 if you recently transferred a balance over to them due to lower interest rates?
Any creditor can ask to be excluded from the bankruptcy discharge. It is up to the judge to decide if it would be allowed. That issue will be addressed in the 341 hearing.
When is a chapter 7 bankruptcy closed?
It is closed when it is legally discharged by the courts. Usually about 2 months after the 341 meeting for a ch. 7.
Is bankruptcy discharged after all the debts are settled?
The discharge is, as general rule official sixty days after the date of the creditor (341) meeting.
In Chapter 7 does a trustee have the ability to monitor your bank account activity after your 341 meeting while waiting for bankruptcy to be discharged?
Our attorney told us that our case (including bank records, etc.) would not be reviewed again after the 341 meeting.
