341 Meeting

[hpmoney505]

Hello all!

Today I just paid my attorney, passed the means test for Chapter 7 and am on my way to filing. I am very new to all of this and was just wondering what the 341 meeting was like? I know mine is going to be on zoom but what should I be prepared to do? Thanks for any answers!

[FireMedic1]

Nothing to it. Few questions and its over in less than 5 mins. Dont stress over it. Takes longer to get food in a drive thru. Good Luck

[Zeiram]

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@hpmoney505 wrote:

Hello all!

Today I just paid my attorney, passed the means test for Chapter 7 and am on my way to filing. I am very new to all of this and was just wondering what the 341 meeting was like? I know mine is going to be on zoom but what should I be prepared to do? Thanks for any answers!

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My husband's bankruptcy chapter 7 was pretty straightforward. The Trustee just asked him for the name, if everything on the form was accurate, etc. Nobody showed up as far as creditors. They asked what he wanted to do with the car. It was upside down and things were quite bad financially for him at the time so he let it go and just got one from a relative that got us around for a while.

Answer the Trustee's questions. Your lawyer should have told you what they're likely to ask and should be on the call with you as you're in there. If you don't know the answer to something say you don't know or that you need a moment to talk to your attorney. Remember that it's a deposition and you never just want to blurt stuff out.

Be direct and honest, but I wouldn't go into unnecessary details or chatter. The Trustee is mostly concerned with making sure the forms are accurate and trying to find any assets they can claim and take some of. If there's no non-exempt assets and everything is in order, they should push you through.

[CaptainConcorde]

My hearing was at the end of last December and I was discharged the beginning of March.  The 341 was very easy and only took about five minutes.  My lawyer gave me a list of sample questions the Trustee might ask.  

1. Name and address.

2. Did you review the bankruptcy petition and information?

3. Have you moved since filing?

4. Is everything truthful?

5. Did you list all your assets and debts?

6. Are you using or paying any of your creditors or credit cards?

7. Did you sign the BK schedule?

8. Does anyone owe you money?

9. Have you given any money or property over $1000 to any family members in the last two years?

10. What caused you to file BK?  (Simple answer keep it short).

11. Do you want to make any corrections?

12. Have you sold any real estate in the last four years?

I answered YES to the last one because I'd moved from the East Coast to the West Coast and sold my old house.  He just asked how much profit I made, it wasn't a lot, and he asked what I did with the money.  I used it to pay for the move.  That was it.  Super easy.

I had an account in PACER and saw the Finding of No Assets was entered the next day.  Discharged two months later.

[hpmoney505]

I'd like to ask you as well because you have recently gone through this how did you best rebuild? I have found multiple different strategies but you seem to be doing well with the current credit limit and loans. Is there anything specific you would recommend? 

[kcladyz]

When i filed due to unemployment 20 years ago the whole meeting was like 5 minutes. Basically limit your answers to yes and no unless they ask you to be specific. no need to let any cat out of the bag lol

[FicoMike0]

Don't mention the mason jar full of cash buried in your backyard.