This is the unique step in this set of videos. I am doing a walk through of the bankruptcy process. Also, I am going to do some of this for the state planning process and tax and really uniquely tax resolution. I am talking about the audit and a situation with just the IRS collection process. We will see how you can work to try and resolve your tax issues. In these videos, we are focused more on the bankruptcy. We have talked about the initial consultation in video one. In video two we have talked about the second appointment and video three we talked about the signing the petition. In video 4 we talked about the filing date and how important that is. Now, in video five, we are talking about what’s called the 341 hearing.
The 341 hearing, which is this space right here, obliviously this is my PowerPoint presentation and I hope you are enjoying it. My name is Todd Courser. I am an attorney in Michigan who does bankruptcy fillings and estate planning, and tax resolution. If we have done all the steps and are working with a good attorney and they are walking through, doing a careful job, all the information should be listed on the petition. That is necessary. When you get to the hearing, all though very very stressful for the client, the debtor really should be. Most 341 hearings should be 5 to 10 minutes. They call a “meeting of creditors.” Essentially you are in this spot where the creditors are given the opportunity to face you and to be able to question your ability or the things on your petition and your ability to pay and really sort of the underlying bankruptcy issues involved. It’s not in front of a judge but the trustee. The trustee is really charged and tasked with the responsibility of looking at the whole estate (meaning all of the assets of the debtor) and also the ability to pay. They determine whether or not the bankruptcy is going to be allowed. They will look at the whole case itself. Most of the times, no creditors show up. Sometimes you will have in that situation you will have credit union show up if you have a vehicle. Unless there is bankruptcy abuse, the creditors will simply pass on this and won’t show up at all. For that to happen, you want to make sure that you have listed everything and you have been honest and forthright.