What is the next step after the 341 meeting?
After the 341 meeting, you will need to stay on track and satisfy the bankruptcy court’s requirements.
If you complete all of the requirements, your case will be closed in a matter of months.
Here are the things you may still need to do: Make nonexempt property available to the trustee..
How long does it take for Chapter 7 to be discharged?
Discharge from bankruptcy means that the period of bankruptcy has finished and the person is no longer an undischarged bankrupt. This usually occurs automatically, three years and one day after the bankrupt’s statement of affairs is accepted, although the period of bankruptcy can be extended.
How long does a 341 meeting take?
The Length of the 341 Hearing A creditor’s questions can be short, as well. If they aren’t, the trustee will usually continue the debtor’s meeting for another time to allow further questioning (more below). In most cases, the hearing ends after ten minutes or less.
Can you spend money after 341 meeting?
Typically we can spend your pay check, just like everyone else, on whatever you want after you file for bankruptcy. You can buy furniture and go on vacation after you file, so no worries.
Will I lose my car in Chapter 7?
The motor vehicle exemption helps you keep your car, truck, motorcycle, or van in Chapter 7 bankruptcy by protecting equity in a vehicle. … If you’re behind on your car loan, you can’t keep your car unless you work out a plan to bring your payments current before you file for bankruptcy (more below).
Can I buy a car after 341 meeting?
Yes-so long as the Trustee has no claim on the money you are using to buy the car. … The Trustee and creditors have 30 days after the meeting of creditors to object to exemptions, although they rarely do. So you should wait at least that long if you are using money you have exempted.