What is a 341 hearing?

A 341 hearing is referencing a bankruptcy code section that talks about the debtor’s examination. It's something that happens about five weeks into the case and, basically, the debtor goes downtown, appears before the trustees, it's rather informal but business dress is encouraged, and the trustee can ask questions about the debtors intentions, their assets, what their goals are, and some other things. It's important to be truthful. This is an examination that’s under penalty of perjury. We have some questions and answers on our website that might be helpful for folks. But this is something that the debtor is mandatory required to complete to obtain a discharge in either Chapter 7 or a Chapter 13.