If you file a bankruptcy petition, you will normally be required to attend one court meeting, called 341 Meeting of Creditors.. This meeting is a very important step to getting your debts discharged. 341 Meeting is brief and fairly informal, and usually boils down to answering some standard straightforward questions posed by the bankruptcy trustee.
For example, bankruptcy law states that you must provide the trustee a copy of your most recent federal income tax return at least seven days before your meeting of creditors. But depending on the rules in your jurisdiction, you may need to provide several additional documents to the trustee before going to your 341 hearing.
Oct 24, 2013 · The court will schedule the confirmation hearing within 45 days of the 341 meeting of creditors. Your creditors will receive notice of the hearing at least 28 days in advance. Attendance. If you are represented by an attorney, you don't have to appear at the confirmation hearing, but you can if you choose to do so.
If you decide to hire a bankruptcy lawyer, attorney fees typically range from $1,000 to $3,500 for a Chapter 7, depending on your case's complexity. They are generally between $3,000 and $5,000 for a Chapter 13, but you can pay a portion of your attorney fees through your repayment plan.
In Chapter 13 bankruptcy, you must devote all of your "disposable income" to repayment of your debts over the life of your Chapter 13 plan. Your disposable income first goes to your secured and priority creditors. Your unsecured creditors share any remaining amount.
Resolve a Creditor Objection After the 341 Meeting Even if the trustee is satisfied with your bankruptcy papers and concludes the 341 hearing, creditors can file an objection to your discharge up to 60 days after your initial meeting of creditors. Objections to discharge are the exception rather than the norm.
At the creditors' meeting, the trustee checks the debtor's identification and asks a series of questions about the bankruptcy paperwork. Creditors who attend can ask about financial matters, although it's rare for creditors to appear.
between 60 - 90 daysHow long after the 341 meeting do I get my discharge? Your Chapter 7 discharge order will be granted between 60 - 90 days after your 341 meeting. The earliest your discharge can be entered is after the deadline to object to your discharge has passed. You can find this date on your Form 309A under “Deadlines.”Oct 1, 2021
Please be aware that your trustee does not have access to your personal account. A separate account is opened to manage your bankrupt estate.
In both Chapter 7 and Chapter 13 bankruptcies, it's the trustee's duty to review your bankruptcy forms and investigate and verify your financial information. One of the trustee's responsibilities in doing this is to make sure your bankruptcy claim is not fraudulent.Nov 20, 2020
Your creditors have 60 days from the date of your initial meeting of creditors to object to your discharge. If no creditors object and you've completed all other requirements (such as filing your certificate of debtor education), then you'll receive your discharge after the deadline for filing objections passes.
341 Meeting Questions the Bankruptcy Trustee Might AskDo you own or have any interest whatsoever in any real estate?Have you made any transfers of any property or given any property away within the last one-year period (or such longer period as applicable under state law)?Does anyone hold property belonging to you?More items...
Judging by the questions people ask about 341 meetings, people seem to think they're going to be very scary and intimidating. As long as you're going in with a trusted bankruptcy lawyer on your side, there is no reason to be nervous.Jul 8, 2019
Getting a discharge means that your personal liability on qualifying debt is wiped out and the creditor can no longer do anything to collect the debt from you. Creditors aren't allowed to call you, sue you, garnish your wages, or continue any other collection efforts on the discharged debt.
The bankruptcy is reported in the public records section of your credit report. Both the bankruptcy and the accounts included in the bankruptcy should indicate they are discharged once the bankruptcy has been completed. To verify this, the first step is to get a copy of your personal credit report.Aug 6, 2018
The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.
Confirmation Timing. The court will schedule the confirmation hearing within 45 days of the 341 meeting of creditors. Your creditors will receive notice of the hearing at least 28 days in advance.
The Chapter 13 Repayment Plan. In Chapter 13, you propose a payment plan for a period of three to five years. You'll make your first payment the month after filing your case. The Chapter 13 bankruptcy trustee holds the amounts until the judge confirms your Chapter 13 plan, and once approved, pays the funds to creditors.
When you file Chapter 13 bankruptcy, you must propose a plan to repay part or all of your debts. At the confirmation hearing, the bankruptcy judge decides whether your plan can be approved. Read on to learn more about the confirmation hearing, including when it is held, who attends, and what happens if your Chapter 13 plan cannot be confirmed.
The purpose of the confirmation hearing is for the bankruptcy court judge to determine the following: whether your plan is feasible and it's likely you'll be able to make the plan payments, and. whether you filed your plan in good faith and your unsecured creditors will be paid as much or more as they would had you filed for Chapter 7 bankruptcy.
Also, your unsecured debts —such as credit card balances, medical bills, and personal loans—must get paid all of your disposable income.
If, during your Chapter 13, you are unable to make your plan payments, contact the trustee's office immediately . They can offer guidance about modifying your plan payments.
Your creditors or the Chapter 13 bankruptcy trustee might object to the confirmation of your plan. Common objections include: the plan doesn't commit all disposable income for the three or five year plan period, or. you haven't adequately provided for creditors under the plan. For instance, in Chapter 13, you must satisfy all past due amounts owed ...
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In general, reaffirmation hearings tend to be less formal than other bankruptcy court hearings. The hearing gives the judge an opportunity to discuss the particulars of the agreement and let you know whether he or she thinks approving it will be in your best interest. To learn more about how to reaffirm a debt in Chapter 7 bankruptcy, ...
The following are some of the most common reasons the judge may deny your reaffirmation agreement: Your monthly budget shows that you can't afford to make the required payments. The amount of the reaffirmed debt exceeds the value of the property you want to keep. The agreement has a really high interest rate.
(For example, if the balance of your first mortgage exceeds the value of your home, your second mortgage is technically not secure d even if the lender has a lien on the property).
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Well, for those who saw my post and the included update, we got an apartment! To the best of my knowledge my bankruptcy did not cause any problems.
Today was a great day I finally received my discharge for chapter 7. Thank you to everyone on this forum for keeping my hopes up. It really is a fresh start. Now its time to rebuild my credit slowly and smart.
About 55k in debt credit card personal loan few store cards , opened a new back account with a credit union in anticipation of my old bank closing mine as I owed them 17k ,filed chapter 7 about sept 17 ,zoom hearing from my couch , I used an attorney cost me about 1800$ ,discharged about December 2 approved for a surge master card the day after my discharge papers came in the mail 700$ limit easy peasy, don’t stress it’s all a simple process when u use an attorney every thing your worrying about is all for nothing ,I kept my car my house my Bitcoin I even have a pending lawsuit about to settle that they didn’t even bother with easiest thing I ever did in my life and I’m ready to started my new life ...
What are the cons you all have experienced post bankruptcy? For example I heard its hard to get a job and what negatives have occurred for filing, since it is on your record for 7-10 years,
Just wanted a sanity check. Unbeknownst to me, my wife secretly ran up 60K in credit cards under her name in the last couple of years. She came clean 6 months ago and entered into a credit counseling plan that requires about $1500 a month for the next 4 years ($72K).
Less than 5% of Chapter 13 cases that are filed without an attorney end in discharge.#N#An attorney would likely lower your trustee payment, not raise it. Get an attorney.
Prior to the 2005 change in the Bankruptcy Code, all the little problems the Trustee sees in a Ch 13 could be taken care of with a directive from the Trustee. Now, the Trustee's only choice is to file an objection and motion to dismiss.
Objections are filed in about 99% of Atlanta cases. Most are easily addressed assuming your brother doesn't waste time meeting with his lawyer. A plan with no payments will get dismissed and payments must be made as soon as a case is filed.
The fact that the trustee filed a motion to dismiss for lack of documents is a standard way for the trustee to get the missing documents. Chapter 13 trustees often change what documents they require each month & it becomes virtually impossible to predict what might be this month's required document.
In nearly every case in the Northern District of Georgia, a debtor will receive a document entitled "Objections to Confirmation and Request for Dismissal of the Case" around 10 days after the creditor's meeting.
Right now let the lawyer work this out. The payment plan depends on the debt, and yes it is normal, payments must start 30 days after the filing. Trustee's seldom recommend the first plan, he needs to have this conversation with his own attorney who can answer everyone of this questions, we have no idea about the specifics of the plan.
It is indeed the attorney's responsibility to go over the paperwork with a fine tooth comb and for a motion to dismiss to be filed, that indicates this was not done. Some Chapter 13 Trustees are more aggressive than others, however, and quicker to go the motion to dismiss route.