310.376.9865
June 07, 2010 A Day at a 341(a) hearing.
“341(a) Meeting of The Creditors: When a person files for relief under the bankruptcy code, one of his duties under the Bankruptcy Code requires that he appear at a hearing. The trustee assigned to the case by the court presides at the hearing to inquire about the debtor’s papers he filed with the court, and to determine if there are any assets in excess of what the debtor is allowed to keep. Creditors are also allowed to attend the meeting to ask questions, but as a rule, they do not attend.”
When a bankruptcy files his petition with the court, one of the forms is a list of his real property. A piece of information that is necessary to complete this form is the “market value” of the real property.
The trustee conducting the examination will inquire how the debtor determine the value of his house. The debtor answered a real estate broker. The trustee asked the debtor if he had the broker’s business card. He did not. So while the bankruptcy form ask the market value, the trustee will drill deeper, and asked how you determine the value. Is your knowledge from your personal knowledge of the sales price of homes in your neighborhood, a broker, an appraiser, internet comparables?
The trustee also requested proof of home owners insurance, and last billing statement. If you sold your house in the past several years, do not be surprised if the trustee request a copy of the escrow papers, and perhaps a declaration as to any money you received.
A Debt Relief Agency
- Law Offices MJ Mann Bankruptcy Attorney
- 2706 Artesia Blvd, Suite BK
- Redondo Beach, CA 90278
- 310.376.9865
