In a recent post, we went over what happens in Georgia Bankruptcy court. This post goes even deeper, highlighting subjects such as the 341 meeting, and other points in court where information is obtained and decisions are made.
For Georgians, bankruptcy court includes the Georgia Middle District Court, Georgia Southern District Court, and Georgia Northern District court. Each have courts in regions of Georgia, and depending on where you live you’ll be going to the court for that area. For example, if you’re an Atlanta resident, you would go to the Northern District Court.
Now that you know where to go, you might have some expectations of getting into fights with creditors in court. In most cases these processes are very simple in terms of what occurs. You will appear in court regardless of whether you file personal bankruptcy Chapter 7 or Chapter 13
The 341 Meeting
“341″ gets its name from the piece of bankruptcy code it applies to. A 341 meeting is far from some court room drama: you are actually only there briefly. The trustee — the person appointed by the court for your Chapter 7 hearing — will be finding out your exempt and nonexempt assets, and also ask some basic questions to you. While it’s not a battle, if things come up which should have been noted before, such as a property you didn’t list, this information can technically be used against you. In other cases, new information may help you successfully file while losing little if anything. Remember, in most Chapter 7 cases, including in Georgia, you lose no assets.
What kind of questions will you be asked at this 341 meeting? The trustee usually has a list of simple questions regarding the facts of your bankruptcy filing: if you left assets off, for example.
And in most cases, creditors will not even appear at the hearing, though they are invited.
Chapter 13 Georgia Bankruptcy Court
If you file Chapter 13 bankruptcy, you must also appear in court, typically for a longer period. You will have a different kind of meeting with creditors as defined by the trustee. In both Chapter 7 and Chapter 13, you usually have an appointment for a 341 meeting within 30 days.
What happens if you don’t have all the information?
A 341 meeting can and is often extended until you can provide all the necessary information.
What if you have assets not listed?
If you have assets not listed in your bankruptcy filing, simply state you made a mistake. Unfortunately you are still responsible for doing this. If you try to hide assets, it can only damage your chances. If it’s a simple mistake, be thorough in handing over information on all assets to the trustee.
What will you lose?
As stated earlier, Chapter 7 bankruptcy filers typically lose nothing. If you have a home or car, in many cases they are considered exempt and you won’t lose them. The whole purpose of Chapter 13 bankruptcy is to keep assets instead of selling them, so if you can maintain your repayment plan you can keep everything.
How will creditors act?
Creditors rarely appeal . Once you file, they have the option to fight for your right to bankruptcy. If you filed for Chapter 13 bankruptcy and received an automatic stay on your home, technically creditors can appeal. Most are barely involved at all.
Where to go for professional help?
If this all sounds complex, that’s because it can be. If you are honest, you’ll rarely have any trouble. You do need professional counsel for any bankruptcy case; while the in court drama is limited, correctly filing is important. Also, if you fear assets being taken, you can get help from a Georgia bankruptcy attorney.
