What Questions Will I be Asked at the 341 Hearing?
Every person who files for bankruptcy has a number of required tasks that must be completed prior to receiving a discharge of their debt. Once of those things are attending the 341 hearing or also referred to as the “Meeting of Creditors.” The 341 hearing provides the trustee as well as creditors a forum to verify the information on a bankruptcy petition. In many cases, creditors do not appear at the hearing. If there are no issues involving equity, property, assets, income and/or fraud then the questions are pretty straight forward and the hearing is concluded that same day.
The following are normal questions that they ask:
- Are you familiar with all of the information contained in your bankruptcy paperwork?
- Did you review and sign your bankruptcy petition and schedules before you filed them with the court?
- Is all of the information in your bankruptcy paperwork complete and accurate to the best of your knowledge?
- Did you list all of your property?
- Are all of your creditors listed in your bankruptcy schedules?
- Have you filed for bankruptcy previously?
- Are there any changes or omissions that you wish to bring to my attention?
- Are you obligated to pay alimony or child support?
- Have you filed all of your tax returns that have come due?
- Have you given away or transferred any property within the last two years? (But keep in mind that some trustees may go back further in time.)
- How did you value your property?
- Do you have a business, corporation, or partnership?
- Is your home or car currently insured?