Bankruptcy hearing is a fact-finding meeting before a court trustee
After a bankruptcy has been filed, a hearing in U.S. Bankruptcy Court called the 341 meeting - named for a section of the bankruptcy code - is scheduled so that creditors may attend and question individuals about the debts they owe.
After a bankruptcy has been filed, a hearing in U.S. Bankruptcy Court called the 341 meeting - named for a section of the bankruptcy code - is scheduled so that creditors may attend and question individuals about the debts they owe.
"The 341 meeting is not a test or an inquisition. Neither the trustee nor the creditors can take any action at the meeting that decides any question central to the case. It is a fact-finding meeting," writes California bankruptcy attorney Cathy Moran on her firm's website.
At the 341 meeting, the hearing officer is the bankruptcy trustee. It is this official who may ask the bulk of the questions and moderate the discussion between the debtor and any creditors who attend the meeting.
Some of the questions that the trustee will ask the person filing bankruptcy are required under law. Others are queries about the particular issues in the individual case.
The required questions include whether the individual has read, understood and signed the documents related to the bankruptcy, if all the assets and creditors in the case are named and if all the information is correct. The trustee also is required to ask if individuals have previously filed bankruptcy, if they pay family or child support, if tax returns have been filed in the previous four years and to identify their employer if they have a job.
Some of the questions that vary according to the individual's circumstances may include details about real estate owned by the debtor - such as mortgages, property value and purchase price - and whether any property has been transferred to another person in the past year.
The trustee may ask if the person has large medical bills, if they are a party in a lawsuit, if anyone owes them money or if they are entitled to any life insurance or inheritance. They may be asked about financial assets they had at the time they filed bankruptcy – U.S. Savings Bonds, stocks, certificates of deposit or cash in checking or savings accounts.
Other questions that an individual should be prepared to answer may be queries on whether they hold any winning lottery tickets, anticipate cash or property that they may gain through a divorce, any businesses they have been involved in during recent years or if they are entitled to a refund from their most recent tax filing.
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