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341 Hearing Questions

totallymytravis
New Contributor

341 Hearing Questions

My wife and I filed for Ch. 7 and she is a nervous wreck about our 341 hearing. Our attorney says it will be quick and there is nothing to worry about. However, I don't want to be blindsided by the trustee. Do folks know or have expletives being blindsided by an unexpected question? If so generally what is it around- income? Assets? All of our assets are exempt but last year my wife started a business and it was a complete failure. She spent about $7k and only made $1k. It was a sole proprietorship and the materials we purchased expired so we had to toss them- again no assets. Since that's listed on our 2016 tax return will that raise red flags or be an issue? Phew now that I'm writing this I'm beginning to think I'm the nervous wreck too. Any insight would be awesome!
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1 REPLY 1
bshockley1981
New Contributor

Re: 341 Hearing Questions

Ours was pretty easy, I think I answered maybe 10 questions, all that are the common that I've seen on this board. Be truthful though as the people before me had a couple large checks written in the prev months and my trustee wanted them to get their checkbooks out. The lady said they were ATM withdrawls. The husband jumped in and said it was for his meds. They were having trouble explaining but the trustee would have waited all day. Good luck, it's not as nerve racking as you would think. More intimidating than anything.
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