After filing for chapter 7 or chapter 13 bankruptcy several events will need to take place before you can receive a discharge. The most important event you should be aware of is the 341 hearing, also known as the meeting of creditors. This event will take place 30 days after you file, and is a meeting between you and the bankruptcy trustee assigned to your case. The gist of the meeting is for the trustee to confirm that the financial details you’ve listed when filing for bankruptcy are accurate, just to make sure that you aren’t fraudulently excluding creditors or lying about how much property you own and what it’s worth. In chapter 13 cases specifically trustees will also ask you about your ability to make payments on the debt repayment plan as a part of your hearing. As well as verifying information, the trustee will make sure you understand the consequences of filing for bankruptcy, including its effects on your credit, your ability to file under another chapter (if applicable), what happens when you receive a discharge, and what happens if you reaffirm a debt. The hearing takes at most half an hour, and in the majority of bankruptcy cases it will be the only time you have to attend a hearing.
To better understand if filing for bankruptcy is the right action for you to take, it would be to your benefit to schedule a consultation with a local bankruptcy attorney.
