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Meeting of Creditors (341 Meeting)

Established Member

Meeting of Creditors (341 Meeting)

So, next week, I am on to my next step of filing my BK13 - Meeting of the Creditors.  I am a nervous wreck right now because I don't know what will happen.  If you don't mind sharing, what was your experience at the MoC?  Did your creditors show for the meeting? - Thanks.

BK13 Filed: 6/5/2017
341 Mtg: 7/14/17
Plan confirmed: 8/22/17
Starting score: 670 (mid/late 2013)
Married end of 2014, with a starting score of about 620 (spouse could not work .5 of 2015 and a little more than .5 of 2016)
Not enough financial assistance from spouse has landed me with Current Score: 487 (Mar 2017)
end of 2017 Goal Score: 550-600
Message 1 of 14
13 REPLIES
Regular Contributor

Re: Meeting of Creditors (341 Meeting)

The 341 meeting is not as stressful as it's made out to be.  Mine was 7 years ago. None of my creditors showed up and in the crowd of people there with me I don't recall seeing any creditors.  I was asked a series of questions for maybe 3-4 minutes, like were all of my debts listed, have I filed tax returns, etc..  It really was over before I knew it.  I recall walking out and thinking just how overblown I had made the whole thing.   


Message 2 of 14
Contributor

Re: Meeting of Creditors (341 Meeting)


candykis_41 wrote:

So, next week, I am on to my next step of filing my BK13 - Meeting of the Creditors.  I am a nervous wreck right now because I don't know what will happen.  If you don't mind sharing, what was your experience at the MoC?  Did your creditors show for the meeting? - Thanks.


It's not as crazy as it sounds.  If creditors have any issues they will just file paperwork after the meeting.  If the trustee has any objections you will have to fix those but usually it's over quicky.



Equifax - 644
TransUnion - 641
Experian - 639
Message 3 of 14
Valued Contributor

Re: Meeting of Creditors (341 Meeting)

341 s are very easy. Assets, forms filled out correctly, all debts listed, taxes filed. We have to go sometimes as an observer for some of our  clients to see whats up with the house.  

Message 4 of 14
Senior Contributor

Re: Meeting of Creditors (341 Meeting)

OP, I was just like you before my 341 meeting but it was a breeze. They verified my Social Security Card, the trustee asked about the circumstances of my filing, and I just had to verify my personal info. It literally lasted no more than 3 minutes. My lawyer was there with me and no creditor showed up. Easy-Peasy. 

Message 5 of 14
Contributor

Re: Meeting of Creditors (341 Meeting)

It wasn't the 341 meeting that was hard it is what comes after and making sure you follow all the rules put into place.  If you are doing a chapter 13 you have to send over your taxes every year along with any other things that might come up.

 

If you are trying to strip a second mortgage get ready for them to contest that.

 

Just so you know your lawyer will do most of the work and not bother you.



Equifax - 644
TransUnion - 641
Experian - 639
Message 6 of 14
Established Member

Re: Meeting of Creditors (341 Meeting)

Thank you all so much for sharing your experience with this. It does put me at ease. I have heard from others the same - it is a short, 3-5 minute meeting. I actually had my second class - debtor education and financial management this past Saturday. It was so full of information that I needed - some common sense, some I just didn't even think about. The instructor of the class also said to not stress over the 341, it will be over before you know it.

BK13 Filed: 6/5/2017
341 Mtg: 7/14/17
Plan confirmed: 8/22/17
Starting score: 670 (mid/late 2013)
Married end of 2014, with a starting score of about 620 (spouse could not work .5 of 2015 and a little more than .5 of 2016)
Not enough financial assistance from spouse has landed me with Current Score: 487 (Mar 2017)
end of 2017 Goal Score: 550-600
Message 7 of 14
Established Member

Re: Meeting of Creditors (341 Meeting)

Yeah, Voltaic, I was already thinking about the after, especially after my Debtor Ed & Fin Mgmt class this weekend.  They give you so much information - pitfalls, what to do (i.e. making sure trustee has a copy of your tax return every year, file your taxes every year, don't forget to make the mortgage payment (even though you have paid your last payment on the plan to the trustee), don't forget to pay your HOA dues every year, even though they are not sending you a statement (my attorney told me about all this stuff too)). Thanks for the info about the 2nd mortgage. Thankfully, though, I don't have one.

BK13 Filed: 6/5/2017
341 Mtg: 7/14/17
Plan confirmed: 8/22/17
Starting score: 670 (mid/late 2013)
Married end of 2014, with a starting score of about 620 (spouse could not work .5 of 2015 and a little more than .5 of 2016)
Not enough financial assistance from spouse has landed me with Current Score: 487 (Mar 2017)
end of 2017 Goal Score: 550-600
Message 8 of 14
Contributor

Re: Meeting of Creditors (341 Meeting)


candykis_41 wrote:

Yeah, Voltaic, I was already thinking about the after, especially after my Debtor Ed & Fin Mgmt class this weekend.  They give you so much information - pitfalls, what to do (i.e. making sure trustee has a copy of your tax return every year, file your taxes every year, don't forget to make the mortgage payment (even though you have paid your last payment on the plan to the trustee), don't forget to pay your HOA dues every year, even though they are not sending you a statement (my attorney told me about all this stuff too)). Thanks for the info about the 2nd mortgage. Thankfully, though, I don't have one.


No problem glad I could help.

 

Here is what got me, during the 341 we got a lunch break.  Here I am listening to all of that stuff and what you should do.  So I go to Subway (which I don't really like) and get a 5 dollar footlong with a drink.  After eating I head back and I see people that were in the class eating Lobster at a local high end restaurant.  I guess some people never learn :\



Equifax - 644
TransUnion - 641
Experian - 639
Message 9 of 14
Established Member

Re: Meeting of Creditors (341 Meeting)

So, update. I had my MoC on 7/14. The meeting went well. No creditors were present. What I didn't like, though, were the other six people (and their attorney) that were in the room with me. They were six other debtors. I just thought, going in, that it would be me, my attorney, and the trustee (or in this case, trustee rep). This was the only part that I didn't care for...the audience thing. After my four minute questioning was done, me and my attorney had a quick side meeting. He said that I did really well answering the questions that the trustee rep asked. I mentioned the six other people in the room and he said, "Don't worry...you all are all in the same boat. Nothing to be ashamed or embarassed about." I discussed it with my mother as well and she said, "You are going to have to get over this and know that alot of people are going through this same thing and no one is judging you. Take care of your business, make your payments on time, and all will be well." My confirmation hearing is in a month.

BK13 Filed: 6/5/2017
341 Mtg: 7/14/17
Plan confirmed: 8/22/17
Starting score: 670 (mid/late 2013)
Married end of 2014, with a starting score of about 620 (spouse could not work .5 of 2015 and a little more than .5 of 2016)
Not enough financial assistance from spouse has landed me with Current Score: 487 (Mar 2017)
end of 2017 Goal Score: 550-600
Message 10 of 14