What is a 341 Hearing?

When people file for bankruptcy they are making a decision to deal with their difficult financial situation in a legal way that allows them to have a fresh financial start. Rather than being a sign of irresponsibility bankruptcy is often the first step to better financial management and a more responsible use of lending services. In order to determine whether bankruptcy is right for you consult with an experienced St. Louis bankruptcy attorney as soon as possible.

Bankruptcy is for the benefit of the debtor but also disposes of non-exempt assets in a way that tries to be fair to creditors. In every bankruptcy that is filed there is mandatory creditor’s meeting called a 341 hearing in which the debtor attests to the truth of the facts in their petition and also allows the creditors to ask questions of the debtor. The 341 meetings are not court proceedings.  They are usually held in meeting rooms and are run by a bankruptcy trustee. Common kinds of information that a trustee may ask a debtor to provide at a 341 meeting include:

  • The reason you are filing for bankruptcy
  • Whether the property and values you listed on your filing are accurate
  • Whether you have sold or transferred any property in the past few years
  • Whether you have paid back any creditors recently
  • Your marital status
  • Whether your income is accurately reported on your filing
  • Whether you have any dependents

After the trustee is finished asking you questions, any creditors that appear may then ask you questions about your financial situation or the condition of property that they may have an interest in.

Contact a St. Louis bankruptcy attorney for a free consultation

If you are facing financial difficulties and do not know where to turn bankruptcy may be an option to consider. Bankruptcy is not a good idea for everyone and an attorney will be able to advise you as to whether it is right for you. The Westbrook Law Group practices exclusively in the area of bankruptcy law, and has helped hundreds of clients get a fresh start through bankruptcy. In order schedule a free consultation with one of our experienced St. Louis bankruptcy attorneys call our office today at (636) 493-9231. If you would prefer to contact us through email, please fill out our online contact form on the right side of this page.

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