341 meeting

[cartwrna]

Bankruptcy was filed officially on 8/3/2018. Lawyer sent me notice of 341 meeting scheduled for 8/30/2018. Super nervous, but have been reading over others posts. I meet the criteria, and my assets are worth way less than our exemptions but man did we burn a ton of creditors! Even the utilities unfortunately. We are hoping that none show up to the meeting, and are doubtful that any will aside from our local credit union which carries our mortgage in house. We are going to reaffirm, although 2 months behind on payments for about 7 months now. The bank has been very kind to us though and told me that they would work with us on it as they would lose more financially if they were to take the home and attempt to sell. It’s not upside down by any means, but just not enough equity to work out in their favor as they are a much smaller bank. Just curious how the trustee will look at this? Sending a car back which is upside down by about 5k and hasn’t had payments made on it for about 8 months now I believe. Someone please tell me it will be okay LOL! Sorry for the run on rant, but until that meeting is over I’m on pins and needles.

[cartwrna]

Just for insight, we burnt around 20 credit cards we had been shuffling balances around on for years, a repossessed camper, one auto loan, electric and water utilities, cable, possibly Verizon although may pay the bill as I’ve heard they tend to disconnect people. The grand total of all of those accounts being around 100k or a little over. We’re embarrased, and feel shameful. Unfortunately we just couldn’t keep up with it any longer financially. You know how great it felt to be able to buy some tires for my wife’s car the other day! Even if they were cheaper, they are new and ride fantastic! It’s the small things I guess. I’m ready for this to be over :-/

[Anonymous]

Hi I cannot answer your question, but I think I read you were in Iowa ? I am too and had my 341 meeting today . The trustee asked about 10 yes or no questions and that was it.  We did have changes to our petition , we gave back two cars we were originally going to keep. Also, my husband's check was recently garnished and the trustee said for our attorney to pursue us getting that money back.

[cartwrna]

Thanks for the reply! Puts my mind at ease some, although my lawyer had told me it wasn’t a big deal either lol.

[smitty1]

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@cartwrna wrote:
Bankruptcy was filed officially on 8/3/2018. Lawyer sent me notice of 341 meeting scheduled for 8/30/2018. Super nervous, but have been reading over others posts. I meet the criteria, and my assets are worth way less than our exemptions but man did we burn a ton of creditors! Even the utilities unfortunately. We are hoping that none show up to the meeting, and are doubtful that any will aside from our local credit union which carries our mortgage in house. We are going to reaffirm, although 2 months behind on payments for about 7 months now. The bank has been very kind to us though and told me that they would work with us on it as they would lose more financially if they were to take the home and attempt to sell. It’s not upside down by any means, but just not enough equity to work out in their favor as they are a much smaller bank. Just curious how the trustee will look at this? Sending a car back which is upside down by about 5k and hasn’t had payments made on it for about 8 months now I believe. Someone please tell me it will be okay LOL! Sorry for the run on rant, but until that meeting is over I’m on pins and needles.

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Yes, it is no big deal.  We had our 341 meeting for our Chapter 13 in June.  Asked 7 questions, that was all.  We were 2nd out a group of 6, 10 minutes and we were done.  The questioning, pat down and security process to get in the courthouse was more daunting. I was kind of disappointed there wasn't more to it, after we had spent so much time and effort worrying about what was going to happen and who would show up. 

[Guyatthebeach]

Hang in there! 

Your 341 meeting is one of many steps you are taking for a new beginning.

I would make sure to move your checking and deposits to a new bank to prevent the bank from freezing your assets. 

When I had mine, it lasted about ten minutes. I was asked some simple yes and no questions. No creditor showed up to the meeting. Three months later, I got my discharge papers.  Six years later, $200k in unsecured credit and 2 car loans with 719 FICO score.

You will recover. 

Guyatthebeach

[Anonymous]

Hi,

I filed on June 28, 2018.  Had my 341 on my birthday, of all days, August 8. I was scared you-know-what-less.  I was in the first group called into the trustee's office, there were 8 people total, all just like me.  My lawyer was there for me and two other people.  Other lawyers sat along the wall and waited for their names/people to be called.  The trustee ran the tape recorder and I had to swear to tell the truth, etc.  I did.  My lawyer sat across from me and asked me the same things she asked the lady ahead of me:  did you come to my office and we discussed the two types of bankruptcy....did we determine that chapter 7 was in your best interest...do you still live at this address and work at this place...then I was asked to briefly tell the trustee why I was filing bankruptcy.  After that he asked me one question about my job, how long had I worked there and then he asked me if I was going to reaffirm the debt on my motorcycle.  After that he stated he had reviewed all of my paperwork and felt all was in order and he had no further questions.  That was it.  Took all of 5-10 minutes.  No creditors there for ANYONE in the room.  Just folks and their attorneys.  Just make sure you are there on time and don't worry about what to wear. I wore jeans and my work polo shirt.  I mean, don't dress like a slob or anything, LOL, just clean, casual is ok, no shorts.  Yes, I was scared to death but it is not bad at all.  You will do just fine!