341 Hearings: How to Avoid Extending the Process Unnecessarily
A bankruptcy trustee is given significant power by court to conduct important business throughout the Chapter 7 bankruptcy process. To keep both the creditor and the borrower honest, a bankruptcy trustee may call them together for a meeting known as a 341 hearing. At these hearings, a trustee will work to root out any fraudulent claims. In some cases, this means taking more than a single hearing to do so.
If you’re thinking about filing for bankruptcy, there are plenty of complications that can seriously hamper a person’s case if they don’t successfully navigate the process. To learn more about how we may be able to help you through your bankruptcy case, contact the Joliet Chapter 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., today at 815-722-2201.
Extending 341 Hearings
The 341 hearing requires a debtor to provide substantial records and documents for the trustee to review. In addition, these hearings will allow the trustee and creditors to ask a debtor some questions about their financial records. In some cases, a trustee may be allowed to ask that debtor return for a second hearing if the following are true:
- The debtor didn’t bring the right documents
- Paperwork wasn’t filled out correctly
- The trustee wants addition records or documents
If a trustee has to schedule another hearing, this can slow down an otherwise characteristically quick Chapter 7 process. However, a legal advisor can help a debtor prepare for the initial hearing, potentially avoiding any secondary hearings altogether.
In order to avoid unnecessary delays with the bankruptcy process, it is essential to have a knowledgeable attorney on your side. The Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., can help you prepare for 341 hearings and will help you make sure that you have all of the court-requested paperwork prior to the meeting. Contact us at 815-722-2201 to discuss whether or not you qualify for Chapter 7 bankruptcy today.