What happens after Chapter 13 meeting of creditors?
If the trustee concludes your Chapter 13 meeting of creditors, it means there are no problems with your bankruptcy and your repayment plan. In that case, the confirmation hearing will usually be a simple hearing where the trustee will tell the judge that your case should be confirmed (approved).
What is the next step after the meeting of creditors?
Creditors can appear at the 341 meeting and ask questions about your financial affairs, too, but creditors rarely attend. The bankruptcy trustee will conclude the hearing after resolving all outstanding issues. Otherwise, the trustee will continue the meeting to another date.
How long does a meeting of creditors last?
about ten to fifteen minutes
Creditors are not required to attend these meetings, and do not waive any rights if they do not attend. The meeting usually lasts only about ten to fifteen minutes and may be continued if the trustee or United States Trustee representative is not satisfied with the information presented.
Do creditors show up at 341 meeting?
The meeting of creditors (also called the 341 hearing) is a mandatory hearing almost all bankruptcy debtors must attend. But in most cases, creditors rarely attend 341 hearings.
Are 341 meetings scary?
Filing for bankruptcy is a scary experience, but within the entire process from start to finish, the 341 Meeting of Creditors is perhaps the most daunting. The idea of coming face to face with people who are trying to collect on a debt is understandably intimidating.
Does trustee check your bank account?
You may be worried your bank will freeze your account as soon as it becomes aware of the bankruptcy but that rarely happens. Please be aware that your trustee does not have access to your personal account. A separate account is opened to manage your bankrupt estate.
What happens if Chapter 13 plan is not confirmed?
In most cases, unless the trustee or one of your creditors objects to the confirmation of your plan, the court will approve it. But if you don’t propose a feasible plan that complies with all bankruptcy laws, the trustee can object to its confirmation.
How long does a creditors have to object to a Chapter 13 plan?
Objections to the confirmation of a chapter 13 plan that is timely filed and noticed prior to the § 341 meeting of creditors must be filed not later than seven (7) days after the date of the § 341 meeting of creditors.
What questions are asked at a 341 meeting?
341 Meeting Questions the Bankruptcy Trustee Might Ask
- Do you own or have any interest whatsoever in any real estate?
- Have you made any transfers of any property or given any property away within the last one-year period (or such longer period as applicable under state law)?
- Does anyone hold property belonging to you?