CC Brown Law – 341 Hearing overview

CC Brown Law 341 Hearing overview

CC Brown Law 341 Hearing overview

In general, when you file your petition then the trustee will hold the "first 341 meeting of creditors". But definitely, you must appear for that meeting. The trustee will ask you the questions under oath about your property and debts. The Creditors can also question you on those subjects, but it is quiet rare.

Normally , the only responsibilities with respect to the Bankruptcy after the 341 meeting is to cooperate the trustee in providing any requested information. The Creditors have 60 days after the 341 meeting to convince the bankruptcy court and you shouldn't allow to jettison your debt. So, the new law have to reaffirm your car loan within 45 days after the "341 meeting."

You also have the option to redeem the car within 45 days of the "341 meeting." This means that you have to pay the entire balance due within that time. Because, most of the debtors do not have that kind of money, this option is rarely used .The trustee may review your income and expenses to check your money that is left after your current living expenses to pay something to creditors.

Going to a 341 meeting is usually the only time you have to appear for anything when you file a bankruptcy. The bankruptcy attorney will more than likely appear for this too. Normally all questions at this meeting are directed to you. Your attorney is there to object to things that can be objected to. In most of the bankruptcy cases no creditors show up for this meeting. The 341 meeting is a short process of about 15 minutes. Once you get through it you will get your discharge papers sent to you normally within 3 or 4 weeks. A Chapter 7 bankruptcy takes normally about 90 days from the time you file until the time you receive your discharge papers. The Rule of thumb is the larger the city the longer the process takes.

For a Chapter 13 bankruptcy you normally will not be discharged until you have finished all your payments to the trustee which is usually from 3 to 5 years depending on the repayment plan. The Protection means that your creditors cannot file any type of lawsuit against you or continue to report any derogatory information about your payments, on the accounts filed in bankruptcy, to any credit reporting agency. The only way things can go bad in a bankruptcy is if you don't follow through with it and the court dismisses it. Once a bankruptcy is dismissed all your creditors can come back after you in full force and they will be notified if the bankruptcy is dismissed. The court sends out a letter to each creditor once the case is dismissed.

The Bankruptcy is the best solution for those who have had some major problems, it will clear up the problems and cleaning up credit reports after bankruptcy will get you back on the road to credit health usually within six to eight months if you clean up the reports. If you leave the bankruptcy mess on your credit reports it could take as long as seven to ten years before you are able to establish credit and buy things on credit again. Make sure that cleaning up the bankruptcy is as important as the filing of bankruptcy.

When you don't know what about your rights, then others will take more advantage of your situation to make sure that you understand the rights before making a deal with any creditor.

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