What happens after the 341 meeting in Chapter 7?

What happens after the 341 meeting in Chapter 7?

In most consumer bankruptcy cases under Chapter 7, not much happens after the 341 meeting is done. It’s actually a good thing not to hear anything from anyone (including your trustee) after the meeting. The court will grant your bankruptcy discharge 60 – 90 days after the meeting.

Do you have to go to 341 meeting of creditors?

If you file a bankruptcy petition, you will normally be required to attend one court meeting, called 341 Meeting of Creditors. This meeting is a very important step to getting your debts discharged.

What happens to nonexempt property after 341 meeting?

Here are the things you may still need to do: Make nonexempt property available to the trustee. These are the assets you are not entitled to keep. If the trustee thinks they could be valuable, the trustee will take them, sell them, and divide the proceeds among your creditors.

How long after the 341 meeting do I get my discharge?

How long after the 341 meeting do I get my discharge? Your Chapter 7 discharge order will be granted between 60 – 90 days after your 341 meeting. The earliest your discharge can be entered is after the deadline to object to your discharge has passed. You can find this date on your Form 309A under “Deadlines.”

What happens in a Chapter 7 no asset case?

Most people who file for Chapter 7 bankruptcy don’t turn over any property or cash to the bankruptcy trustee appointed to administer the matter. Instead, they keep everything they own in what is known as a “no-asset case.” The shorthand term “no-asset” tells creditors not to expect to get paid out of any bankruptcy proceeds…

What’s the difference between no asset and no asset bankruptcy?

In broad terms, there are two types of Chapter 7 bankruptcy case: “asset” and “no asset”. Most Chapter 7 filers have no asset cases. What that means is their assets, i.e. personal belongings and real estate, are exempt (protected) under the bankruptcy rules.

When do you get discharged from a no asset case?

Filers in asset cases and a no asset cases will get their discharge at the same time, approximately 60 days after their meeting with the trustee (also known as the creditors meeting or 341 hearing). It’s important to determine before you even file whether or not you have an asset or a no asset case.

What is the purpose of the 341 meeting of creditors in bankruptcy?

The purpose of the meeting is to allow the bankruptcy trustee appointed to the case to: ask you questions under oath about the accuracy of your bankruptcy petition and schedules, and give you the opportunity to tell the trustee about any changes that have occurred since you filed your documents.

When to file proof of claim after 341 meeting?

Creditors who wish to get paid from any distributions made via your bankruptcy must file a proof of claim with the bankruptcy court within 90 days of having your 341 meeting. You’ll want to review creditor proof of claims for accuracy.

What to expect at the 341 meeting in your bankru?

Each bankruptcy case is unique, and each bankruptcy trustee will ask the questions he or she feels are necessary to ask. However, you can prepare for the meeting by having at least a basic understanding of what could be asked of you. If you are working with a bankruptcy lawyer, your lawyer can help you prepare for the meeting.

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