Redwood City Bankruptcy: The 341 Hearing

After a month that a case is filed and the United States Trustees’ office has appointed a local trustee to oversee it, a mandatory meeting called the 341 Heating is convened. The 341 Hearing the “first meeting of creditors” and is governed by Title 11, Section 341 of the United States Bankruptcy Code. The hearing provides a chance for creditors to attend and ask questions about assets, secured items bought, and debts the debtor possesses. However, creditors rarely attend and if they do, are limited by the trustee to only a few minutes of questioning.

Mostly, the hearing is effectively an opportunity for the local trustee to (a) confirm a person’s identity and Social Security Number and (b) ask questions to see if there might be non-exempt assets available for liquidation. It is not wise to lie during this process as the FBI is involved.

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