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6 Reasons Why You Should Not Get Stressed Out Over Your Meeting of Creditors Hearing

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Published on Feb 13, 2018

About a week after you file either a Chapter 7 or Chapter 13 case, you will receive in the mail a notice instructing you to appear at a meeting of creditors hearing approximately 30 days after the date of filing. This hearing is also called a “341 hearing” because Section 341 of the Bankruptcy Code calls for this hearing.

While your attendance at your 341 hearing is mandatory, this meeting of creditors is actually one of the more informal elements of your bankruptcy case and you should not be overly worried about this hearing.

As I discuss in this video, there are 6 very good reasons why you should not allow yourself to get stressed out about your 341 hearing.

First, this hearing is informal. There is no judge present and the purpose of the hearing is informational. It will last 5 to 10 minutes.

Second, your attorney will know what questions you will be asked and you can prepare accordingly.

Third, these hearings are open so you can come to court early and watch the hearings scheduled before yours.

Fourth, you are not on trial for anything. The main purpose of the hearing is for the trustee to better understand the information contained in your bankruptcy petition.

Fifth, while creditors are invited to come, they almost never do.

Sixth, nothing final happens at the 341 hearing - in the unlikely event of significant problems, we have plenty of time to fix them. Your case will not be dismissed at the 341 hearing regardless of how many issues that may arise.

Chapter 7 and Chapter 13 bankruptcy in the Northern District of Georgia follow a very set procedure. Your attorney understands this procedure and can prepare you for just about everything that could happen. Follow your attorney’s advice and your bankruptcy case will proceed smoothly.

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