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A 341 Meeting of Creditors is a relatively simple hearing that should not cause Debtor’s fear or anxiety.
Bankruptcy is unfortunately a very stressful event.  Despite the popular myth, most clients are not looking to skirt their responsibilities, but rather they are looking to find relief from their dire circumstances.  Most clients have spent most of their lives paying their bills on time, doing the right thing, and taking care of their families.  Until they fell behind on their bills they had never been sued and have never been involved in the court systems.  For this reason filing bankruptcy can become an ordeal that is even more stressful than the constant phone calls of creditors.  It shouldn’t be.
The fact of the matter is that bankruptcy is a necessary and important part of the American economy.  It is a business decision and as such Debtors are neither attacked nor berated when they arrive in court.  In fact when my clients leave their 341 Meeting they are typically relieved.  On over 50% of my cases I typically hear a statement similar to “you were right, that was easy.”  Here is why:
1) The 341 Meeting of Creditors is Short:  In most cases the 341 Meeting of Creditors will take only 3-5 minutes.  If your attorney is experienced you will have answered everyone of the Trustee’s questions before when speaking with your attorney.  The Trustee will ask you a handful of questions that are easy and simply meant to establish the accuracy of the paperwork that was filed with the court.
2) Your Attorney Will Be There to Represent You:  Most of my clients are nervous because they have never been through this before.  But if you hire an experienced bankruptcy attorney they will have been to 341 Meetings hundreds if not thousands of times.  They will know what issues are likely to come up and they will have prepared you for anything unusual that they expect to encounter.  They are there to protect you, that is why you hired them.
3) Creditors Are Unlikely to Appear:  Despite the fears of most of my clients that “my creditors have been so aggressive, they will surely fight my bankruptcy” it in fact rarely happens.  Creditors only appear at a handful of cases each day and when they do it is usually because they want you to tell them about the condition of the car that you are reaffirming or they want to see proof of insurance.  It is very rare for a creditor to appear to challenge your bankruptcy without your attorney having some sort of idea that it is about to happen.
4) Bankruptcy Courts Specialty Courts:  What this means is that everyone you see in court that day will be there for the same reason.  You don’t have to worry about a neighbor going to court to fight a traffic ticket and seeing your bankruptcy hearing.  All of the people in the room will either be a debtor in a bankruptcy case, a creditor in a bankruptcy case, or an attorney.
5) You Are Almost Done:  The other day when I was in court with my client who was relieved to be done.  She had worked herself up and was nervous.  When we were done she said “wow that was easy, I am glad you were with me.”  She was a great client and the daughter of a friend so I was happy to help her.  She then said to me “what’s next”  I explained that now that her hearing was over the work was done.  All she needed to do at that point was wait 2-3 months to receive her discharge.  No news was good news.  This is when she said “wait, is this the last time we are going to see each other.”  I said yes and she gave me a hug.  The relief was evident.  The 341 Meeting is a real turning point in your case.  The active work is over and the worry of the past several years of struggling with debt finally begins to melt away.
So as your 341 Meeting approaches remember, take a breath, relax and rely on your attorney to see you through.
Second Chance Legal Services is a bankruptcy law firm located in Madison Heights, MI.  While we are located in Oakland County, we service Wayne, Oakland and Macomb County residents.  As Detroit Bankruptcy Attorneys we specialize in helping individuals escape their burden of debt in order to get a fresh start on their bright future.
Because of our small size our clients get individual attention.  You will have the same bankruptcy attorney throughout your case whether you are in a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy.  Your attorney will help guide you through the bankruptcy process in order to help you get a successful discharge of your debt.
It is important to note that Macomb County Bankruptcy Attorneys, Oakland County Bankruptcy Attorneys and Wayne County Bankruptcy Attorneys all deal with the same judges and trustees.  This is because all Michigan Bankruptcies are filed with the federal bankruptcy court in Detroit, MI.  For this reason, it is important that you choose an attorney not by location but rather by how comfortable you feel with them when you meet.  If you don’t feel comfortable with their knowledge, their experience or their demeanor you should seek out an attorney that you do feel comfortable with.
If you are interested in speaking with a Detroit bankruptcy attorney from Second Chance Legal Services, please contact our office at 248-629-6367 for a free initial consultation.

(305) 891-4055 - 25 Years of Experience,  Over 8,000 Cases Filed - Free Initial Consultation - 1221 Brickell Ave., Miami, Florida - Chapter 13 and 7 Bankruptcy - Miami Bankruptcy Lawyer - www.bublicklaw.com  Completing Your Bankruptcy Schedules - Disclosure of Property

Disclosure of All Property

In completing your bankruptcy schedules, you must list all of your property. This includes all types of property, whether tangible or intangible.  This also includes property (a.) wherever located -even if it is in another state or country, (b.) another person may be holding for you. (c.) that you may have been given as a gift, (d.) really owned by you, but in the name of another person, (e) of no value.
 
Any failure to list property may subject you to a denial of your bankruptcy discharge and/or other civil and criminal prosecution.  Although it does not happen very often, the bankruptcy trustee has the right to come to your home at any time without notice to take an inventory.  
Rights to Sue/Causes of Action

All actual or potential causes of action you hold at the time of the filing of the bankruptcy case or acquire after the filing of the bankruptcy case (i.e. your right to sue someone for damages, etc. including personal injury claims and employment cases.) must be disclosed as an asset in the bankruptcy schedules. The most common example of such is a personal injury suit. This includes cases presently pending and cases you may decide to bring in the future. If you fail to schedule such causes of action, in addition to the above‑mentioned penalties, you may lose the right to bring (be "estopped") the cause of action against the other party entirely.

 Property in Chapter 7 and Chapter 13  In Chapter 7, the bankruptcy trustee may have the right to take property away from you if it is not exempt from the bankruptcy estate. Chapter 13 involves proposes in plan or reorganization and therefore, the bankruptcy trustee does not have the ability to take property away from you.  Jordan E. Bublick is a Miami Personal Bankruptcy Lawyer with over 25 years of experience in filing chapter 13 and chapter 7 bankruptcies. Miami Personal Bankruptcy Lawyer Jordan E. Bublick has filed over 8,000 chapter 13 and chapter 7 cases.

A federal jury in Honolulu found 47 year old Michelle Malufau guilty of bankruptcy fraud.  The charges are related to her Chapter 7 bankruptcy filing she completed in 2011. The verdict was reached after a four day trial was completed with deliberation lasting less than an hour.  Making false statements under oath and concealing assets [...]

(305) 891-4055 - 25 Years of Experience,  Over 8,000 Cases Filed - Free Initial Consultation - 1221 Brickell Ave., Miami, Florida - Chapter 13 and 7 Bankruptcy - Miami Bankruptcy Lawyer - www.bublicklaw.com


Property Acquired After Filing for Bankruptcy
Normally your bankruptcy estate consists only of the property you own on the date of the filing of your bankruptcy case. Certain property though that you acquire after filing for bankruptcy are part of your bankruptcy estate. Supplemental schedules need to be prepared and filed with the Bankruptcy Court.

Certain Property Needs to be Disclosed

In chapter 7 and chapter 13 bankruptcy, you are generally under the obligation to notify the Bankruptcy Court and your bankruptcy trustee if you acquire any of the following items within 180 days of the filing of your bankruptcy petition: 
          a. inheritances          b. divorce property settlements
          c. proceeds of life insurance

In such event, you should advise your bankruptcy attorney at once so that he may properly advise you and prepare the proper schedules that need to be prepared and filed with the Bankruptcy Court. If you are in a Chapter 7 case, you may consider converting the case to Chapter 13.

Causes of Action - Including Personal Injury and Employment Cases
In a Chapter 13 case, you should also file supplementary schedules in your bankruptcy case to reflect an actual or potential cause of action (ie. including personal injury and employment cases) that you acquire at any time after the bankruptcy case is filed. This is very important, as if it is not disclosed in a supplemental schedules, you may be barred from pursuing the cause of action ("judicial estoppel").
Jordan E. Bublick is a Miami Personal Bankruptcy Lawyer with over 25 years of experience in filing chapter 13 and chapter 7 bankruptcies. Miami Personal Bankruptcy Lawyer Jordan E. Bublick has filed over 8,000 chapter 13 and chapter 7 cases.