MEETING OF CREDITORS (341 HEARING)
After filing Chapter 7 bankruptcy in Arizona, several items need to be addressed before the process is completed and a discharge is granted.
First, once you meet the requirements to be eligible to file Chapter 7, you must take a credit counseling course. This is a mandatory course. An attorney will file your bankruptcy petition with the bankruptcy court.
A trustee will be appointed to oversee your case. The trustee will schedule a meeting of creditors. This meeting is a court hearing also called a 341 hearing. Typically, this hearing is sometime between 20 and 40 days after the bankruptcy is filed with the court.
Your attorney will not only prepare you for this meeting of creditors but also help you understand this step in the bankruptcy process.
What happens in the 341 hearing?
You and your lawyer will attend the meeting of creditors where the trustee will oversee the proceedings. Creditors are allowed to ask questions regarding your case, debt, and property. You will be sworn in under oath, so you will answer all questions asked of you honestly and to the best of your knowledge.
At the meeting of creditors, the trustee will see that you have properly reported all property, and completely documented and accounted for everything in your estate.
The trustee has a responsibility to recover as much money as possible to pay the creditors. He or she also will make sure you understand that a bankruptcy will have an effect on your future finances and credit score. After the 341 hearing, the trustee makes a report outlining the proceeding.