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341 meeting

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Anonymous
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341 meeting

My husband and I recently filed for chapter 7. We have our 341 meeting coming up in a few weeks and I'm becoming more nervous by the day. Does anyone have any stories about uncommon questions they were asked? Are you asked specific questions about the numbers listed on your petition? Our attorney listed $350 a month in car maintenance, gas, etc, but I think that's a bit excessive and now I'm worried the Trustee will ask why that's so high. Since ours is a no asset case, I'm sure it'll be mostly straight-forward; but I'm still trying to be as prepared as possible. 

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TattnallTrio
Frequent Contributor

Re: 341 meeting


Relax! Maybe you'll get to see a few cases before yours and you'll see how simple it is. Theyll ask for your SS card and ID. You'll be talking with the trustee with a microphone. You'll state your full name and he'll ask if you're hiding any assets or money that they don't know about. Then they'll ask you to state your attorney's name and the amount you paid your attorney for the filing fee and how much you've agreed to pay him. They usually ask if you've sold any property in the last (2) years. If you did, fine, just say you spent the money on bills. It's possible that they'll ask you if you're the beneficiary on any life insurance policies of someone that recently died, or if you're currently suing someone else and if anybody else owes you money. (This is to determine if you have any more money coming in) Also they'll ask you about the certificate that you got from a financial course (which is easy) That should be the only questions up front. You mentioned $350 for transportation, surely that's reasonable for gas and vehicle expenses.

Your attorney should use the maximum allowable numbers to make your payment as low as possible. 
The attorney won't set you up to fail. Their reputation is at stake. 
Your secured creditors will get paid first in the repayment plan. 

Money going to unsecured creditors will be a waste so your attorney needs to keep your budget tight even if it's inflated to keep the unsecured creditors from getting all your money. 

Message 2 of 10
Phoenixupward
Regular Contributor

Re: 341 meeting

Don't allow your worries and fears come into play.  Trust your attorney.  350 dollars is not unreasonable.  For example, if your car requires maintenance work: new breaks, engine tune-up, a set of spark plugs, new tires, etc.  that could total thousands of dollars, not including the cost of gas.  If you were divide the potential cost  of maintaining a vehicle per month, 350 dollars doesn't sound unreasonable.  My 341 went pretty smoothly.  I too, was a no asset bankruptcy.  You are sworn in, asked to verify your identity, the trustee reviews your documents.  My trustee asked me what caused my bankruptcy and I replied job loss.  He asked me where I used to work and I replied. The trustee was very sympathetic as my former company is globally well known and wished me good luck in trying to obtain employment that was comparable to my former employment.  My 341 meeting was about 5 minutes.  Time sure flies by. It was almost 2 years ago.   Good luck.   

Message 3 of 10
Anonymous
Not applicable

Re: 341 meeting

Thank you so much! This makes me feel better at least knowing some of the actual questions asked. 

Message 4 of 10
Anonymous
Not applicable

Re: 341 meeting

Thank you, Phoenixupward! I do trust my attorney and he did tell us that he was using the max amount allowed by federal law. I tend to overthink everything and am just trying to prepare myself for the worst case scenario and what ifs. I'll try to relax more during the next few weeks wait.

Message 5 of 10
Phoenixupward
Regular Contributor

Re: 341 meeting

The hard part is over.  You had to make a gut decision that allowed you to asses your current economic situation.  From experience, filing for bankruptcy was the most astute and mature decision that I've made in recent years.  I don't regret it at all and my rebuild was quick.  Creditors that were IIB have welcomed me back.  But my main focus is wealth management.   My belief is cash is like a loving and loyal spouse.  It will be with you during good times and bad times.  Credit is like a mistress/paramour.   If you can't upkeep, it will turn on you and leave you high and dry.  Cash assets are longevity relationships.  Credit is a liability for transitory relationships----a hit and run.   

Again,  good luck and relax.  

Message 6 of 10
Bankrupt2019
Established Contributor

Re: 341 meeting

I had the misfortune of being the guy making the most money in the room, so I got the "you have a good job and make  excellent wages, what happened?" Honestly I felt like trash after hearing some of the other people's situations. But I realized that we were all there for the same thing and we were all at that very moment equals just looking for a way out from under our burdens.

 

for the most part it's just basic questions and it doesn't take more than 10 minutes once you're called up. 

 









Message 7 of 10
Azuieldrago
Frequent Contributor

Re: 341 meeting

It will go fine. There are actually 2 hard parts. One is realizing BK is needed and actually filing. The second is the waiting. Honestly, I believe its the worst part. You get into your head. Read too many horror stories. As long as you were honest with your lawyer about everything. You will be fine. Next thing you know, you will be here with all of us, rebuilding. And telling the next few batches the same things as you were told here. All I can ask is this, learn whatever it was that was needed. IE, what caused you to file and build a safety net. The second, take your experience and your lesson and help those to overcome their fears. 






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Message 8 of 10
twono
Frequent Contributor

Re: 341 meeting

A big takeaway i got from my 341 is they (court/trustee/and your attorney), don't really care why you filed and don't ask about what led up to filing.  I never felt 'shamed' by my attny or the court/trustee.

 

The 341 is really just putting your face and a recorded testimony/deposition, to the BK petition that was filed.

 

Trustee will ask yes or no questions, and blazingly fast, so pay attention.  Keep answers short and sweet and don't elaborate on an answer unless asked to. They'll ask your name, are you suing anybody, etc....

 

The trustee did ask me if i wanted to buy back any of the assets that i was turning over and i said 'hell no, i'm broke'.  I thought it was a loaded question so i answered quickly.  (fast forward 8 mos and i did end up buying all the assets back from the trustee)

 

The US TRUSTEE that was sitting in the 'audience' is the one that got my attention.  When trustee was done with me, he asked if anybody in the room were there for my case.  She stood up, introduced herself, and then asked me questions about large 401k withdrawals, if i had a business, and if my daughter was on any of my credit card accts.  So the US TRUSTEES office had been 'eyeing' my case and was essentially audited afterwards or during this time without me knowing.  US TRUSTEE wanted 401k statements, credit reports, some credit card statements, and other things.

 

My case was not the typical Ch 7.  DC'd over 5 mos ago and case still not closed because of the 'asset buyback' situation i'm in.  But am getting close.

 

So as hard as it may seem, try not to worry.  I was more anxious/optimistic and excited (rather than nervous)to move forward with every deadline, meeting that came and gone.

 

Grab your bootstraps, chin up, and meet this headon.  

Message 9 of 10
Azuieldrago
Frequent Contributor

Re: 341 meeting

My story, he asked for my license and social security card. Had me say my name for the record. Couple standard yes or no questions. Asked if I paid child support. I answered yes. Apparently that was wrong. He was asking for others not in my docs. I live in a border city. After it was realized it was a simple misunderstanding, I had a creditor show up. Threatened to garnish my wages. Trustee in very certain terms told him that was a no go. Even with all that, it took me just under 10 min. Everyone else where like old so they all breezed through it within about 5 min. That was both 13s and 7s. I was almost to the end so I got to see alot. You will be fine. No worries. Get out of your head. 






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