After one files a Chapter 13 Bankruptcy petition, they will need to attend what is called a 341A hearing. This hearing is customarily scheduled to take place approximately one (1) month from the date of filing. The hearing will be conducted by one of the three (3) of the trustee’s staff attorneys. Most hearings will take no more than fifteen (15) minutes. Your attorney, if any, will attend this meeting along with yourself. Your photo ID and proof of social security number will have to be provided at the hearing.
The following is a list of frequently asked questions at a Chapter 13 341A hearing (also referred to as a Chapter 13 Meeting of Creditors). The following questions are in no particular order and are as follows:
- Do you recognize your signature on the 6th page of your petition?
- Did you review the petition prior to signing?
- Is the petition complete and accurate?
- Are there any changes that need to be made?
- Have you ever filed bankruptcy before? If so, when was the prior bankruptcy filed and under what Chapter?
- Do you own a house? If so, when did you purchase it; how much did your purchase it for; what do you feel the house is worth today; how did you arrive at this house value and how much do you still owe on the house?
- Have you owned any other homes in the last 6 years?
- Do you have homeowner’s insurance in place for your house?
- Do you have automobile insurance in place for all of your vehicles?
- Are you running or operating your own business?
- Have you run or operated your own business in the last 4 years?
- Can you sue anyone for any reason?
- Have your paid any friends or family members back more than $1,000.00 in the past year?
- Do you have any life insurance with cash surrender value?
- Do you own any stocks or bonds?
- Do you have any retirement accounts?
- Have you sold or transferred anything of value within the past 2 years?
- Do you have a storage unit?
- Do you have a safe deposit box?
- How long did it take for you to accumulate your debts?
- What caused you to file bankruptcy?
These are, generally speaking, the types of question’s my clients have faced over the years at their Chapter 13 341A hearing. Of course, depending on the answers ultimately provided, a number of related follow up questions may be asked. Your attorney will be present at the hearing. At Reinheimer & Reinheimer we personally go through a “Mock” hearing with you to be sure you are well prepared for your hearing. Although the hearing is rather brief, it is very important and can greatly impact whether your petition and plan proceed smoothly or be faced with future trustee objections and other issues.
Choose a firm that will stand alongside you throughout the entire process. The time and energy invested into this hearing can reap fruitful results if done properly and effectively. With more than 25 years’ experience in the field of bankruptcy, we will help you be the best that you can be.