Declaring Chapter 7 can be a difficult decision to make. Because it requires a complete liquidation of your assets and disposable income to repay your creditors, this option should be considered a last resort. But, for many, it’s the best option to clear their financial slate allow them to begin rebuilding their lives.
There are many components to filing a Chapter 7, one of which includes attending a 341 creditors’ hearing. Below, we discuss what the 341 meeting entails and what you can expect during yours.
Your 341 Meeting of Creditors
As part of the Chapter 7 process, you’ll need to attend a 341 meeting of creditors. Here, you’ll discuss your case with your creditors. Each creditor listed in your initial disclosure statement have the opportunity to attend, though few often make the time.
If your creditors do not attend, the trustee overseeing your case will review the details of your income, household, expenses, debts, and assets. Your lawyer should be present for this meeting to ensure that your information is presented accurately.
Any creditors who attend your 341 meeting will have the opportunity to ask you questions. They might have questions regarding your income, assets, and how much they can expect to be paid after your assets are liquidated.
In some cases, creditors will have the option to object to your plan, but this usually happens only when you are filing for Chapter 13 and have established a plan of repayment. In either case, your lawyer will ensure that your creditors have access to all of the necessary information regarding your case.
Retain the Legal Representation You Need
Filing for bankruptcy is a decision that no one wants to make, but with an experienced Chapter 7 bankruptcy lawyer by your side, the process can be smooth, which allows you to rebuild your life and financial security.
The attorneys at Rowdy G. Williams Law Firm are prepared to stand by your side throughout your 341 meeting and the entire Chapter 7 process. You can call our office at 1-812-232-7400 or complete the quick contact form below to schedule an initial case review today.