Quick Answer: What Questions Are Asked In A 341 Meeting?

How do I prepare for a 341 Meeting?

In order for the 341 Meeting to go smoothly, you should make sure all information in your petition is accurate.

Before the meeting, go through your petition and the attached schedules.

Double check the information.

You are allowed to amend your petition at any time before your bankruptcy is discharged..

Are 341 meetings scary?

The 341 meeting isn’t stressful or long. Many times creditors don’t even show up. Unless you did something that looks suspicious, like running up debts right before filing or suddenly selling valuable property, the whole question and answer session could be over in 15 minutes or less.

How much cash can you keep when filing Chapter 7?

The amount of cash you can have at the time of filing depends on other exemptions. It is possible to exempt more than 10,000.00, but, you have to have the correct combination of other assets. You should meet with an attorney and bring a list of all of your assets to that meeting.

Will I get a tax refund if I filed Chapter 7?

One asset that is affected by a personal bankruptcy is income tax refunds. The law requires that Canada Revenue Agency (CRA) send the trustee income tax refunds for specific years so that the refund can be included in the proceeds available to the creditors.

Does Chapter 7 trustee check your bank account?

Bankruptcy trustees will also look through your bank statements to see your cash deposits and withdrawals. Any large deposits in your account should be accounted for. The bankruptcy trustee may ask you to explain where the money came from and why.

Can I buy a car after 341 meeting?

Yes-so long as the Trustee has no claim on the money you are using to buy the car. … The Trustee and creditors have 30 days after the meeting of creditors to object to exemptions, although they rarely do. So you should wait at least that long if you are using money you have exempted.

What happens at a 341 meeting?

341 meetings are held in a meeting room or a courtroom. When the case is called, the bankruptcy trustee will place the debtor under oath, and ask to see a photo ID and documentation of the debtor’s social security number. … The trustee will also try to identify other issues relevant to the administration of the estate.

Do creditors show up at 341 Meeting?

In most cases, creditors rarely appear at the meeting of creditors. … At the 341 hearing, creditors have the right to ask you questions under oath about your bankruptcy papers and financial affairs. But in most cases, creditors rarely attend 341 hearings.

What can you not do after 341 meeting?

After The 341 MeetingMake nonexempt property available to the trustee. … Handle any reaffirmed debts. … If you have debts that won’t be affected by your bankruptcy filing, such as back taxes or child support obligations, you should continue making payments on those debts.Wait for creditors to file challenges.More items…