• 341 Hearing: Creditor’s Meeting

    Florida 341 Bankruptcy Hearings in Tampa and Orlando Can be summed up in 35 words or less.

    The hearing is very short, it’s not in court, the judge is not there and you can wear whatever you want. Make sure you bring your driver’s license and social security card.

    The Basics of 341 Bankruptcy Hearings in Tampa and Orlando:

    After your Florida Bankruptcy Attorneys file your Chapter 7 or Chapter 13 bankruptcy, you must appear at the “first meeting of creditors” or commonly called a 341 hearing, named after the section of the Bankruptcy Code authorizing the hearing. The trustee can ask you questions under oath about your property and debts. Creditors can also question you on those subjects, but seldom do.

    Certain Things you Must Bring to your Hearing:

    Each debtor must be present and must bring their State issued identification (driver’s license, passport, etc.) and Social security card. You should also bring your pay stubbs, 2 months worth of bank statements and your last 2 tax returns. If you can’t find your social security card for whatever reason, there is an office in Tampa where you can obtain a duplicate.

    Who Will Be at the Hearing?

    There are NO JUDGES. Your attorney will be with you. The trustee handling your case will be there and there will be other debtors sitting in chairs waiting their turn to be called. Some creditors may show up to try and convince you to reaffirm your debts. You won’t be required to speak to any creditors until you’re actually in the hearing.

    What You Will Be Asked

    The trustee and creditors (if any show up) asks the questions at a table under an ominous FBI sign. You’ll be sworn in and recorded. You will be asked only a few simple questions: your name, address and other similarly basic information. Then, you will be asked if you reviewed the Petition and all of the schedules and signed a document ( documents you signed at your initial consultation upon retaining your attorney) required under Bankruptcy Code. The trustee will also make sure that all of the information in petition is true and accurate? Are all assets listed? All debts? Have you had any prior bankruptcies? When? What chapter? You will likely be asked to explain any LARGE (over $1,000) deposits or withdrawals from bank accounts. You will probably be asked if your circumstances have changed (inherited money, won the lottery etc.) The trustee is trying to find if you are hiding anything or have any assets from which he/she can recover anything.
    The important thing is to tell the truth, the whole truth and nothing but the truth.

    How Long the Hearing Will Last

    The hearing is very painless and will be over in 5-15 minutes or less. You shouldn’t be nervous at all, but you could come early and watch some other hearings before your name is called.

    The good news is that after the 341 meeting all you really have to do is to cooperate with the trustee in providing any requested information.

    Creditors have only 60 days after the 341 meeting to convince the bankruptcy court you shouldn’t be allowed to get rid of your debts.
    The trustees job consists of reviewing your income and expenses for any money left after your current living expenditures to repay something to creditors.

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