Bankruptcy 341 Hearing Basics in Minneapolis, Minnesota
Your 341 hearing in a chapter 7 or 13 case, is typically about a month after filing and usually will take less than 10 minutes to complete. It is where the bankruptcy trustee in your case has a chance to verify your case information and ask questions of you. There are typically four main topics the bankruptcy trustee asks about.
First, is verification. The trustee will go through verifying information about you and your filing. For example, if you read, signed and reviewed the case before filing. If you read the bankruptcy notice sheet or have ever filed a bankruptcy before. They will also go through the basic verification process with you, proof of identity, marital status and address.
Second, they will go through income with you and sometimes expenses. Income verification is usually just questions about your hourly wage or salary. The trustee will typically also verify household size. They will also sometimes review expenses, if they are out of the ordinary. For example, if you have a higher than the average food budget, the trustee may ask you why.
Third, the trustee will ask you about transfers. These questions can range from 90 days before filing, to six years before. These questions will vary, but will focus on whether there were fraudulent transfers or preferences before your case was filed.
Finally, there will be miscellaneous questions about assets. Whether you own real estate, are on someone else’s real estate, have non-exempt assets, lawsuits or claims of actions, are owed property of money, and expect to inherit anything.
Although most 341 hearings will go through very similar questions, every case is different, so the above is just a general outline to keep in mind.
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The above are some examples of what will be asked during the 341 hearing. If you have other questions about the hearing or bankruptcy in general, visit www.lifebacklaw.com to speak with an attorney. You will be glad you did!
