What happens at a bankruptcy hearing in Kentucky? If you file a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, there will be a hearing that you will attend with your lawyer, John Schmidt. That hearing is called a Meeting of Creditors. It is also referred to as a “341 Meeting” since that is the section of the Bankruptcy Code that authorizes the hearing. It is important to note that this is literally just a “meeting” and not a “hearing.”
The Meeting of Creditors is usually scheduled at the time we file your case. You will receive a hearing notice from the court, and the meeting is usually held between 25 and 40 days after the date of your bankruptcy filing. Your creditors will also receive notice of your court date and they will have an opportunity to attend and ask you questions about the specific debt you may owe them.
The Meeting of Creditors in most cases is usually fairly short – often less than 20 minutes. The meeting begins with the bankruptcy trustee in your case placing you under oath. The Trustee will begin by asking you a few questions. This is not an interrogation or investigation, and your job is to simply answer the question or confirm information. The questions will usually cover the accuracy of the information in your bankruptcy statements, schedules, and related documents and the value of assets you owned or had a right to own at the time of your filing.
The meeting helps to make sure information such as income and debt figures are accurate and make sure all sources of income have been reported and evaluated. The Trustee will review all paperwork as well as details about some specific property and assets.
Your personal bankruptcy attorney from the Law Offices of John Schmidt & Associates PLLC will help to prepare you for your bankruptcy hearing in Kentucky and will be there with you to provide support.
Here are a Few Tips to Help Prepare for a Meeting of Your Creditors:
1. Arrive early. Unlike most court hearings, a bankruptcy hearing will most often begin right on time. Also make sure you know the location of the hearing as well as where to park.
2. Answer clearly and in a normal tone. The bankruptcy hearing in Kentucky is usually taped so you have to speak up. Do not shake your head or shrug your shoulders. Stay calm and give all answers out loud and directly.
3. Be careful to only answer the question the Trustee actually asks. Listen to the question and try to make sure your answer is narrowly focused on the specific information requested in Trustee’s question.
4. Try to give short answers. If you can answer yes or no to every question, that’s fine.
5. Don’t be afraid to answer “I don’t know.” The Trustee is not trying to trick you or trap you. DO NOT GUESS if you do not know an answer or do not understand a question. It’s ok to ask for a little clarification if you aren’t sure what they are asking.
6. Relax. If you have been straight forward with the Law Offices of John Schmidt & Associates PLLC the hearing should run smoothly. It is actually rare when a creditor shows up. Parking at the Courthouse should be the most challenging part of your hearing.
Contact an Experienced Shepherdsville Bankruptcy Attorney
The process of suffering creditor harassment, phone calls, texts, e-mails and letters as well as worrying about what to do prior to filing are the greatest sources of stress in any bankruptcy process. John Schmidt and the Law Offices of John Schmidt & Associates PLLC will be by your side through every step of the process including the bankruptcy hearing in Kentucky. If you are considering filing for personal bankruptcy we invite you to review the strong reviews of our former clients and contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 for a free consultation. Ask about our extensive years of experience and how John Schmidt can and will work to help you make a fresh start.
