topic Any tips for a 341? in Bankruptcy

Any tips for a 341?

user365735 — Wed, 12 Oct 2022 03:40:22 GMT

What can I expect from my 341 hearing for a sole proprietorship?

Re: Any tips for a 341?

FireMedic1 — Wed, 12 Oct 2022 11:55:23 GMT

I take it its a Chapt7?

"Soon after a bankruptcy case is filed, a meeting is held so that creditors and the trustee can ask questions about the debtor’s financial situation. This meeting is required by Bankruptcy Code section 341(a) and the meeting is presided over by either the trustee assigned to the case and/or a representative of the U.S. Trustee’s Office."

https://www.cacb.uscourts.gov/faq/341a-meeting-creditors-what-it-and-who-must-attend

If everything is in order and filed correctly. Its over in 5 mins and you walk out with a fresh start. 99% of the creditors dont show up. Good Luck!

Re: Any tips for a 341?

user365735 — Wed, 12 Oct 2022 15:17:40 GMT

Done and over with. Maybe not even two minutes. I was surprised how nice she was. She said she didn't have any more questions so I don't know if that's good or not. I don't know if she wants any other documents, she didn't mention anything. She did ask another filer for his bank statements from 3-4 years ago when he sold a house. I dont understand that. She wants to see what he spent the money on. Someone interrupted her and she asked me if I swear to tell the truth a second time. I wonder if she thinks I'm lying about my business losses. She laughed when she seen my losses.

Re: Any tips for a 341?

Pway — Wed, 12 Oct 2022 20:07:35 GMT

@user365735 wrote:
Done and over with. Maybe not even two minutes. I was surprised how nice she was. She said she didn't have any more questions so I don't know if that's good or not. I don't know if she wants any other documents, she didn't mention anything. She did ask another filer for his bank statements from 3-4 years ago when he sold a house. I dont understand that. She wants to see what he spent the money on. Someone interrupted her and she asked me if I swear to tell the truth a second time. I wonder if she thinks I'm lying about my business losses. She laughed when she seen my losses.

If the trustee have questions they usually ask them at the 341 and if they need addtl documents they request them there. You should be all set.

Re: Any tips for a 341?

FireMedic1 — Wed, 12 Oct 2022 20:16:31 GMT

Its over. Congrats! If there was any questions you and your lawyer would have heard it then.

Re: Any tips for a 341?

DogwoodLynx — Thu, 13 Oct 2022 03:52:52 GMT

Congrats! Mine is next week!

Happy rebuilding!

Re: Any tips for a 341?

Zoostation1 — Thu, 13 Oct 2022 04:29:31 GMT

Mine was about 45 minutes of waiting and the nervousness that came with it but only 5 minutes in front of the trustee. There was definitely a sense of a heavy weight being lifted after my 341. Took about 2.5 months to get to discharge. Once that happens make sure your head is in the right place and start your rebuild. I waited too long possibly (over 3.5yrs post discharge) and the wait was both good and bad simultaneously. It may have been good to start my rebuild sooner, but at the same time living on cash and a debit card helped in terms of teaching me some financial lessons that I hope I'll never forget. Nowadays I use credit cards for nearly everything and treat them as if they were a debit card.

Re: Any tips for a 341?

SUPERSQUID — Thu, 13 Oct 2022 06:24:55 GMT

@user365735 wrote:
What can I expect from my 341 hearing for a sole proprietorship?

The trustee might ask you a number of questions regarding your assets, especially any real estate or home such as when did you buy it and how much did you originally pay for it, at least that was what i was asked.

Usually creditors dont show up so its probably a few choice questions from the trustee.

Like fire medic said it should be a 5 minute ordeal, provided your lawyer did a good job.

In my case i looked the trustee right in the eyes when i answered.

Re: Any tips for a 341?

user365735 — Thu, 13 Oct 2022 07:32:21 GMT

@SUPERSQUID wrote:
@user365735 wrote:
What can I expect from my 341 hearing for a sole proprietorship?
The trustee might ask you a number of questions regarding your assets, especially any real estate or home such as when did you buy it and how much did you originally pay for it, at least that was what i was asked.
Usually creditors dont show up so its probably a few choice questions from the trustee.
Like fire medic said it should be a 5 minute ordeal, provided your lawyer did a good job.
In my case i looked the trustee right in the eyes when i answered.

Did you file pro se? I was so nervous sometimes I wonder if the trustee asked me if I signed the petition before reviewing it. My lawyer amended the petition two times and I just remember her saying did you sign...YES I DID! then she said something about let me rephrase that and I just heard "sign" so I just screamed YES I did. Lol. I was so nervous I don't remember anything besides when she asked about my sole proprietorship inventory. I just said I'm not able to sell it because they are restricted now because I'm not authorized to sell those. She didn't have any other questions and moved on.

Re: Any tips for a 341?

SUPERSQUID — Fri, 14 Oct 2022 17:34:01 GMT

@user365735 wrote:
@SUPERSQUID wrote:
@user365735 wrote:
What can I expect from my 341 hearing for a sole proprietorship?
The trustee might ask you a number of questions regarding your assets, especially any real estate or home such as when did you buy it and how much did you originally pay for it, at least that was what i was asked.
Usually creditors dont show up so its probably a few choice questions from the trustee.
Like fire medic said it should be a 5 minute ordeal, provided your lawyer did a good job.
In my case i looked the trustee right in the eyes when i answered.
Did you file pro se? I was so nervous sometimes I wonder if the trustee asked me if I signed the petition before reviewing it. My lawyer amended the petition two times and I just remember her saying did you sign...YES I DID! then she said something about let me rephrase that and I just heard "sign" so I just screamed YES I did. Lol. I was so nervous I don't remember anything besides when she asked about my sole proprietorship inventory. I just said I'm not able to sell it because they are restricted now because I'm not authorized to sell those. She didn't have any other questions and moved on.

I dont even know what pro se means, my lawyer did all the paperworkn and court work and i just gave him the info, it went smoothly.

Re: Any tips for a 341?

Pway — Fri, 14 Oct 2022 18:43:35 GMT

@SUPERSQUID wrote:
@user365735 wrote:
@SUPERSQUID wrote:
@user365735 wrote:
What can I expect from my 341 hearing for a sole proprietorship?
The trustee might ask you a number of questions regarding your assets, especially any real estate or home such as when did you buy it and how much did you originally pay for it, at least that was what i was asked.
Usually creditors dont show up so its probably a few choice questions from the trustee.
Like fire medic said it should be a 5 minute ordeal, provided your lawyer did a good job.
In my case i looked the trustee right in the eyes when i answered.
Did you file pro se? I was so nervous sometimes I wonder if the trustee asked me if I signed the petition before reviewing it. My lawyer amended the petition two times and I just remember her saying did you sign...YES I DID! then she said something about let me rephrase that and I just heard "sign" so I just screamed YES I did. Lol. I was so nervous I don't remember anything besides when she asked about my sole proprietorship inventory. I just said I'm not able to sell it because they are restricted now because I'm not authorized to sell those. She didn't have any other questions and moved on.

I dont even know what pro se means, my lawyer did all the paperworkn and court work and i just gave him the info, it went smoothly.

Pro we is when you represent yourself. You do all your paperwork without and attorney.