What happens after the 341 meeting with the trustee?

What happens after the 341 meeting with the trustee?

Many debtors are nervous before the 341 meeting, but it typically lasts only a minute or two. Often, very few (or no) creditors show up, and the meeting ends after the trustee asks a handful of routine questions. In fact, you may find yourself standing dazed and relieved in the hallway just a few minutes after the meeting began.

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.

What happens after a trustee meeting in Chapter 7?

In Chapter 7 cases, the trustee has a 10-day period after the 341 meeting to allege the debtor is abusing the process by filing under Chapter 7 and not Chapter 13.

When is the meeting of creditors hearing in Chapter 7?

It’s two months and two weeks ahead. At your bankruptcy trustee hearing–called the section 341 hearing or “meeting of creditors”–two different trustees had a shot at you. The Chapter 7 trustee looked at your papers to see if there was anything valuable to sell.

What to expect at a bankru trustee meeting?

whether you have filed for bankruptcy in the past. Along with these mandatory questions, the trustee may ask about your property and other assets, your income, your expenses, your debts, and so on. The trustee might also ask about discrepancies in your bankruptcy forms, how you came up with a value for various property items, and so on.

What happens at the end of a trustee meeting?

Often, very few (or no) creditors show up, and the meeting ends after the trustee asks a handful of routine questions. In fact, you may find yourself standing dazed and relieved in the hallway just a few minutes after the meeting began.

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