I barely squeezed into a Chapter 7 after having failed the Means Test. I had to delay filing for 4 months (timing is everything); we had to fill-out the long form -- the local cost of living and my expenses qualified me.
My 341 experience is exactly like what ALL of the other posters have described: it's quick (2 minutes), other debtors are in the room nervous and scared too, no creditors show up, and it's over in a flash (scheduled for 11am, I was walking back to my car with my lawyer by 11:15am), and you feel relieved when it's over.
The Chapter 7 Trustee asked me the standard identifying questions, as well as a few extra questions about my 2017 tax return, my "high" income, and my operating a business (Uber). I answered her questions satisfactorily.
When I got home this evening, this is what Pacer said:
Chapter 7 Trustee's Report of No Distribution: I, ______, having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. Pursuant to Fed R Bank P 5009, I hereby certify that the estate of the above-named debtor(s) has been fully administered. I request that I be discharged from any further duties as trustee. Key information about this case as reported in schedules filed by the debtor(s) or otherwise found in the case record: This case was pending for 1 months. Assets Abandoned (without deducting any secured claims): $ 0.00, Assets Exempt: $ 199878.23, Claims Scheduled: $ 357215.61, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment (without deducting the value of collateral or debts excepted from discharge): $ 357215.61. Meeting of Creditors Held. Debtor appeared.
I think this is good news? But the truth is...I am embarrassed and ashamed; this will NEVER happen again. But what's done is done. I'll start rebuilding in 60 days, and this time be more prudent.
GOOD LUCK to those of you waiting to file, or waiting for the 341 Meeting. Thank You MyFICO family!
This is what Pacer says today (1 week post-341):
Pending Statuses
Status BeginDate Time inStatus # Status Set By
| Awaiting Discharge | 01/30/2019 | 7 days |  Chapter 7 Trustee's Report of No Distribution |
Just to clarify is that note in Pacer basically saying the trustee has given approval for the discharge of your debts if none of your creditors challenge being included in the BK? I think so. I hope so.
Is this normal that you basically know the trustee decision that quickly? I'm not too sure. I think every district is different. Perhaps one of the moderators can clarify this for you.
I've learned here that it really just comes down to being truthful on the paper work and as long as there was no fraud involved with your credit issues you are pretty much going to get a discharge. Being honest is a MUST, however there are horror stories out there whereby the Trustee moves to dismiss or it is recommended that the debtor convert to a Chapter 13, or a discharge is delyaed by a year or longer. You never know.
Trustee basically said it's done and I'm off the case. Next will be the DC. All is well. Nobody wants to admit to BK. Life throws hard balls at times. And this is why we have a right to file and get a fresh start and start over, but do a better job the second time around. Congrats
@toi34 wrote:I barely squeezed into a Chapter 7 after having failed the Means Test. I had to delay filing for 4 months (timing is everything); we had to fill-out the long form -- the local cost of living and my expenses qualified me.
My 341 experience is exactly like what ALL of the other posters have described: it's quick (2 minutes), other debtors are in the room nervous and scared too, no creditors show up, and it's over in a flash (scheduled for 11am, I was walking back to my car with my lawyer by 11:15am), and you feel relieved when it's over.
The Chapter 7 Trustee asked me the standard identifying questions, as well as a few extra questions about my 2017 tax return, my "high" income, and my operating a business (Uber). I answered her questions satisfactorily.
When I got home this evening, this is what Pacer said:
Chapter 7 Trustee's Report of No Distribution: I, ______, having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. Pursuant to Fed R Bank P 5009, I hereby certify that the estate of the above-named debtor(s) has been fully administered. I request that I be discharged from any further duties as trustee. Key information about this case as reported in schedules filed by the debtor(s) or otherwise found in the case record: This case was pending for 1 months. Assets Abandoned (without deducting any secured claims): $ 0.00, Assets Exempt: $ 199878.23, Claims Scheduled: $ 357215.61, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment (without deducting the value of collateral or debts excepted from discharge): $ 357215.61. Meeting of Creditors Held. Debtor appeared.
I think this is good news? But the truth is...I am embarrassed and ashamed; this will NEVER happen again. But what's done is done. I'll start rebuilding in 60 days, and this time be more prudent.
GOOD LUCK to those of you waiting to file, or waiting for the 341 Meeting. Thank You MyFICO family!
You're all good. The legalese makes it seem like the decision is pending. After the formality of time, you will have your official fresh start!