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The Bankruptcy Hearing: 341 Meeting of Creditors

Interviewer: When you file bankruptcy do you have, you said, it is a meeting of creditors? It is called a 341 meeting of creditors?

Adam: Yes and that is actually the only hearing that they have to show up for in court.

Interviewer: They show up one time. How long after you file, do you have to go to this hearing?

Adam: Usually the hearing is set within 30 days, 31 days sometimes.

Interviewer: I see.

Adam: That timeframe can give all the creditors the opportunity to respond.

Interviewer: Is this something that should be scary to people? Are they going to go and creditors will be present saying that you owe them money? I mean usually are they pretty calm and uneventful or what happens there?

Adam: They are usually very calm and uneventful. In all honesty, other than sitting in the lobby waiting for their turn to be called, it is probably only a two-minute process in front of the trustee.

Interviewer: The trustee is just going to ask some basic questions under oath like the papers that you’ve filed are accurate and correct, right?

Adam: Yes, and also obviously, before they start they will swear them in and verify that they are the person.

Interviewer: OK. What happens after the meeting of the creditors? What are the events that go on from there?

Adam: After that 341 hearing, the process is pretty much over as that is the only hearing we have.

By Adam Hunt

 
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