A few years ago, when I realized that I couldn't pay my mortgage anymore, I knew that I needed to do something to correct my finances. It seemed like I just couldn't catch a break, and after losing my job, I knew that I was in trouble. I started looking for new work, but I knew that I needed to fix my credit somehow. I was at the end of my rope, until a friend talked with me about the possibility of declaring bankruptcy. She explained that it helped her to start over. I met with a bankruptcy attorney who was incredible to work with, and I was amazed at how much it helped my situation. Check out this blog to learn how working with a bankruptcy professional could help you.
The best person to help you navigate through all the complications of a Chapter 13 bankruptcy is always your bankruptcy attorney, but there is plenty that you can do to prepare yourself for the significant events that happen in the course of the bankruptcy. Anyone who files for Chapter 13 bankruptcy will be told to report to a 341 hearing. This kind of hearing is commonly referred to as the Meeting of Creditors. Once the filing is complete, the court will schedule the hearing. This is one of the final - and most important - aspects of Chapter 13 bankruptcy. Use the following info to get educated about the 341 bankruptcy hearing ahead of time.
What to Take to the Meeting
Your bankruptcy attorney will advise you as to exactly what paperwork you'll need to bring along, and in fact the attorney will typically be in charge of this themselves. The required paperwork may include paycheck stubs, bank account statements, and property deeds. In addition to any necessary paperwork, you'll need to have a driver's license or a state-issued identification card to prove your identity.
Where to Report For the Hearing
The 341 hearing for a Chapter 13 bankruptcy is normally conducted at a court building. Rather than taking place in a courtroom with a judge, the meeting often happens in a dedicated meeting room in the court facility. When you arrive at the court building, be prepared to go through some security. Court buildings typically require visitors to scan handbags, backpacks, or bags of any type before they are permitted to enter.
Who to Expect at the Meeting
Your attorney will accompany you to the meeting. The only other person guaranteed to be at the 341 hearing is the bankruptcy trustee. The trustee is the person who is in charge of coordinating your bankruptcy for the courts. This includes reviewing your application to make sure it is complete, researching your income and financial background to verify that you qualify to file bankruptcy, and researching all debts that are included in the bankruptcy.
Your creditors also have the legal right to attend your 341 hearing. The majority of creditors will not appear, however. The majority of Chapter 13 bankruptcy cases are filed because there simply aren't enough assets to pay obligations fully, and the creditors know this. Thus, they often recognize that pursuing full compensation may be pointless. If a creditor doesn't agree with the proposed repayment plan, they will typically file an objection with the court and your attorney can continue to negotiate repayment with them.
Your 341 hearing is nothing to fear. In fact, you can actually look forward to completing this step since it is one of the last things you'll do before your bankruptcy is finalized at last.
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