What is a 341 Hearing?

After people have filed forChapter 7 or Chapter 13 bankruptcy, the United States Bankruptcy Code requires that they have a three for one hearing. During the hearing, people who are filing for bankruptcy are examined by a Trustee.

The 341 hearing is held 30 to 45 days after people have filed for bankruptcy. In most cases, the hearing will last around 10 minutes and attendance is absolutely mandatory.

During the 341 hearing, people's appointed Trustees will review bankruptcy paperwork, asked questions related to people's financial situations and decide whether an objection should be filed against their cases.  It is important to note that Trustees are not judges, rather they report into judges.

At the time of the 341 hearing, people may bring their bankruptcy attorneys with them and creditors may also appear to ask questions about their assets or money that may not have been revealed in their filed Schedules.

Do you have additional questions about the bankruptcy process in Texas?  If so, contact us to speak with a San Antonio bankruptcy attorney.