Sacramento Bankruptcy Lawyer serving serving Citrus Heights and Eldorado Hills discusses questions you should be prepared to answer at your bankruptcy hearing, under either  a Chapter 7 or Chapter 13 bankruptcy.

Questions to Expect at Your Hearing for Your Chapter 7 or Chapter 13 Bankruptcy.

You’ve taken the first steps by facing up to your debt problem, you researched the alternatives, consulted with an attorney about Chapter 7 debt discharge or Chapter 13 debt repayment, and you’ve filled out an accurate bankruptcy petition with the court. Now it’s time for the 341 meeting in front of the trustee, possibly some of your creditors, and all the other debtors who are waiting for their case to be heard.  You find yourself with a case of the final-exam-jitters.  What do you do?  Well you might find it helpful to know approximately what the trustee will ask you after he swears you in.  Here are some typical questions you can expect.  And don’t worry, the answers should be right there in front of you, on the schedules you filled out while preparing your bankruptcy petition:

• Are you making voluntary deductions from you paycheck for non-necessities such as retirement funds or other voluntary expenses?
• Are you reaffirming any property?   If so, are you keeping up with the payments and the insurance?
• Did you get assistance from an attorney to prepare this bankruptcy?
• Did you read the statement of your rights, as provided in the bankruptcy code?
• Do you expect to collect an inheritance in the next 12 months?
• Do you have checking or savings accounts at a bank or credit union?
• Do you have child support and alimony that must be paid along with your debt repayments?
• Do you have criminal fines or judgments against you that must be repaid, in addition to your debts?
• Do you plan on having your Chapter 13 repayments come out of each paycheck?
• Have you completed your tax returns for the past three years, so that we know if you are either expecting a refund or owe back taxes?
• Have you discharged a previous Chapter 13 bankruptcy case less than 6 years ago?
• Have you discharged a previous Chapter 7 bankruptcy case less than 8 years ago?
• Have you listed all property that you are surrendering to the trustee for repayment of debt?
• Have you transferred real estate or valuable property to a relative, close friend, or business partner in the past 2 years?
• Is all information in this bankruptcy petition complete, honest and accurate to the best of your knowledge and belief?

That should be about it.  If your bankruptcy is typical, not involving surprising dollar amounts or complex divisions of assets, your hearing will be a confirmation of the facts and figures you’ve already compiled, enabling you to answer the trustee’s questions with no problems.

The advice of an experienced bankruptcy attorney can help you determine your options and action plan in light of your income, assets, and the nature of your debts.  This analysis will enable you to complete a Chapter 7 or Chapter 13 bankruptcy, the first step in achieving the debt relief you need to pursue your financial goals.

Please contact our Sacramento office at 916-313-9069 or via email at info@california-bankruptcyattorney.com