Expert Advice When You Need It Most

Chapter 7 Bankruptcy: What to Expect at a 341 Hearing

Written by: Jeff Adrian Biddle

Reputation Level 14

Bankruptcy Chapter 7 Bankruptcy

Posted over 3 years ago. Applies to Arizona, 46 helpful votes, 0 comments

Save

Share with:

What to Bring

State issued identification (driver's license, passport, etc.) Social security card

Who Will Be There

NO JUDGES...see, I told you that you could breathe easy. Usually, it is just the trustee and the debtor and his/her/their attorney at the hearing. It's a big cattle call, so there will be lots of other people there for their hearings, too. Occasionally, a creditor will show up to try and convince you to reaffirm your debts. You can ignore them until the hearing, though.

What You Will Be Asked

The trustee and creditors (if any show up) asks the questions. You'll be sworn in and likely will be recorded. You'll be asked your name, address and other similarly basic information. Then, you'll be asked if you reviewed the Petition and all of the schedules. Is all of the information in those documents true? Are all assets listed? All debts listed? Any prior bankruptcies? When? What chapter? Have you provided your most recent tax return to the trustee's office prior to the hearing? You will likely be asked to explain any LARGE (over $1,000) deposits or withdrawals from bank accounts. Basically, the trustee is trying to find if you are hiding anything or have any assets from which he/she can recover anything.

How Long the Hearing Will Last

If you smoke, you probably couldn't smoke a cigarette in the time hearing will take. Most are 5-15 minutes. They are super quick. If you want to feel super comfortable with what to expect, arrive early and watch some of the folks before you. If you have a LOT of time to kill, go a day or so early so you'll know that you didn't forget to bring anything. Make sure you're sitting in on a Chapter 7 hearing and not a Chapter 13 hearing...they are a bit different.