What Should I Expect After the 341 Meeting?

: Chris Lee Law Firm

  Filed under: Filing Bankruptcy

The 341 Meeting of Creditors is a pinnacle of the Dallas Bankruptcy process, but it’s not the end of the bankruptcy journey, however. The meeting of creditors is rightfully seen as the second major hurdle of a Texas bankruptcy with the first being the collection of information that must be included in your initial petition for bankruptcy petition. While many unnecessarily worry about the 341 meeting, it does typically represent the last court appearance that you must make in order to discharge. In this blog, we’ll cover the three important deadlines that take place after your 341 meeting of creditors.

14 Days after Your 341

The bankruptcy trustee assigned to your bankruptcy will have 14 days to inform you whether you passed the means test or not. If you didn’t pass the means test, the trustee has 30 days to ask the Texas Bankruptcy Court to dismiss your case so it’s important to move quickly if you plan on filing for Chapter 13 bankruptcy instead of Chapter 7.

30 Days after Your 341

The Trustee or a creditor listed on your bankruptcy petition has 30 days to object to any of your personal property claims. After 30 days, assuming you have listed all your property in the correct manner, your bankruptcy case can proceed accordingly. If you have to amend any exemptions that you have claimed, this 30-day “clock” will reset, giving your creditors and the bankruptcy trustee another 30 days to review and make a motion to amend the exemptions.

60 Days after Your 341

Creditors in your Dallas Texas bankruptcy have 60 days to object to any types of debts being discharged during your bankruptcy case. After this time, unless under special exception or fraud, your debt claims are safe from having an objection to discharge motion being lodged against them.

Dallas TX Bankruptcy

While having to attend a court hearing causes debtors to be nervous, for some the wait afterward to find out the status of your Dallas bankruptcy case can also be nerve-racking. If you follow this rough guide, it will, hopefully, take away some of the anxiousness surrounding the process. It is important to be responsive your Dallas bankruptcy attorney or bankruptcy trustee notifies you that additional information is required as not doing so could result in your bankruptcy case being dismissed without any of your debts being discharged.

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