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Wednesday, October 27, 2010

So what happens at a 341 Hearing, Anyway? The First Meeting of Creditors in your Bankruptcy, Question by Question.

At your First Meeting of Creditors, or your "341 Hearing", the trustee and any creditors that decided to show up will have a small chunk of time to ask you questions under penalty of perjury.

It sounds scary, right? Here is precisely what happens at this hearing, in agonizing detail. Note that some trustees now ask where you resided for the past two years, rather than the past 180 days; that goes to the issue of which set of exemptions you are entitled to claim.

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