Bankruptcy: What Happens During the Hearing?
The hearing, commonly known as the 341-Hearing or Meeting of Creditors, is the Trustee’s opportunity to ask you questions to confirm that the information contained in your bankruptcy paperwork is accurate and complete. The hearing takes 5-15 minutes, and although technically Creditors can appear, they do so in less than 5% of the case. Typically questions asked are:
- Did you read the paperwork before you signed it?
- Did you list all of your assets?
- Did you list all of your creditors?
- Have you paid back any family member in the past year?
- Have you transferred any property to any family members in the past 2 years?
- Have you sold any vehicle or home in the past 2 years?
- Does anyone owe you money?
- Is there anyone that you can sue for any reason?