What to expect at your bankruptcy 341 hearing?

Here are some of the questions you can expect from the trustee at your bankruptcy 341 hearing. Please answer a few questions to help us match you with attorneys in your area. By clicking “Submit,” you agree to the Martindale-Nolo Texting Terms. Martindale-Nolo and up to 5 participating attorneys may contact you on the number you provided.

What are the questions at the meeting of creditors?

The meeting of creditors is conducted by the bankruptcy trustee appointed in your case. Most trustee questions are fairly standard. But they can vary depending on the specifics of your case and whether you filed for Chapter 7 or Chapter 13 bankruptcy. Read on to learn more about the commonly asked questions at the meeting of creditors.

What happens if you lie on your bankruptcy petition?

But keep in mind that lying on your bankruptcy petition, concealing assets, or otherwise committing bankruptcy fraud can lead to denial of your discharge and criminal prosecution. To learn more, see Red Flags the Bankruptcy Trustee Looks for at the Meeting of Creditors.

What are questions the trustee will ask at bankruptcy hearing?

At the hearing, the trustee’s job is to have you verify under oath that all of the information you disclosed is correct and ask you questions regarding any discrepancies, errors, or items that don’t comply with applicable bankruptcy laws. What Is the Trustee Looking for?

Can a farmer file bankruptcy under Chapter 12?

In tailoring bankruptcy law to meet the economic realities of family farming and the family fisherman, chapter 12 eliminates many of the barriers such debtors would face if seeking to reorganize under either chapter 11 or 13 of the Bankruptcy Code.

How long does a bankruptcy plan have to last?

But unless the plan proposes to pay 100% of domestic support claims (i.e., child support and alimony) if any exist, it must be for five years and must include all of the debtor’s disposable income. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. § 1222 (b)- (c).

When do Unsecured Creditors file for Chapter 12 bankruptcy?

In a chapter 12 case, to participate in distributions from the bankruptcy estate, unsecured creditors must file their claims with the court within 90 days after the first date set for the meeting of creditors.

What are the features of Chapter 12 bankruptcy?

In chapter 12, Congress sought to combine the features of the Bankruptcy Code which can provide a framework for successful family farmer and fisherman reorganizations.