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Ch 7 - 341 meeting question

deathtodebt
Member

Ch 7 - 341 meeting question

Hello!

 

I am new here but have been lurking in the forums for the last couple weeks. You all have been a huge help during a stressful time for me. I wish I had found this site sooner!

 

I have filed for Chapter 7 and had my 341 meeting last Thursday. After the meeting, my lawyer took me outside and stated it seemed good but had a concern over one part of it. He stated that my repayment of family over the last year of $2000 may cause the trustee to ask me to repay my creditors. The amounts of items I have do not exceed the threshold before this repayment to my father for school. I was not aware it would be a problem before I filed and the trustee only asked who I repaid, when and how much without any other questions regarding it. Now I'm concerned that they would find this as a way to reject my Chapter 7. Has this happened to anyone else?

 

I repaid my father while also making payments to all my debts. I owe more than I make a year and it was killing me trying to make rent/living necessities. I’m sure everyone has their own horror story of why they filed.

 

Also, had a question about MyFico for those who subsribe. I just joined it and have recieved the scores from the day after my creditors meeting. Will getting my scores from MyFico be hitting my credit reports with pings? Will it hurt my rebuild when discharge happens? I couldn't seem to find any info about this in the FAQ's. Thanks again!

341 Meeting: 6/1/17

Scores from MyFico as of 6/2/17:
Equifax: 562 / Transunion: 509 / Experian: 520

Discharge 8/1/17 - Scores: Equifax: 586 /Transunion: 523 /Experian: 563
Message 1 of 3
2 REPLIES 2
DaveInAZ
Senior Contributor

Re: Ch 7 - 341 meeting question


@deathtodebt wrote:

Hello!

 

I am new here but have been lurking in the forums for the last couple weeks. You all have been a huge help during a stressful time for me. I wish I had found this site sooner!

 

I have filed for Chapter 7 and had my 341 meeting last Thursday. After the meeting, my lawyer took me outside and stated it seemed good but had a concern over one part of it. He stated that my repayment of family over the last year of $2000 may cause the trustee to ask me to repay my creditors. The amounts of items I have do not exceed the threshold before this repayment to my father for school. I was not aware it would be a problem before I filed and the trustee only asked who I repaid, when and how much without any other questions regarding it. Now I'm concerned that they would find this as a way to reject my Chapter 7. Has this happened to anyone else?

 

I repaid my father while also making payments to all my debts. I owe more than I make a year and it was killing me trying to make rent/living necessities. I’m sure everyone has their own horror story of why they filed.

 

Also, had a question about MyFico for those who subsribe. I just joined it and have recieved the scores from the day after my creditors meeting. Will getting my scores from MyFico be hitting my credit reports with pings? Will it hurt my rebuild when discharge happens? I couldn't seem to find any info about this in the FAQ's. Thanks again!


- Highly unlikely they would dismiss your Ch7. The most drastic thing the Trustee might do is demand you father return they money you repaid him, to distribute among your other creditors. But I think you & your father have a strong argument that while you were repaying him you were also repaying all other creditors. The issue is "preferential treatment", repaying one creditor you favored while ignoring all/most others, and that doesn't appear to be the case.

 

You credit score will improve after discharge, because right now your accounts are likely showing as 30-60-90 day late or even Charge-off, after discharge they should all report as $0 balance Included in BK (IIB). They will stay on your report for 7 years, but their impact on your score will lessen over time as your post discharge accounts paid on time report.

Message 2 of 3
deathtodebt
Member

Re: Ch 7 - 341 meeting question

Thank you DaveInAZ! I appreciate the answers.

 

 

341 Meeting: 6/1/17

Scores from MyFico as of 6/2/17:
Equifax: 562 / Transunion: 509 / Experian: 520

Discharge 8/1/17 - Scores: Equifax: 586 /Transunion: 523 /Experian: 563
Message 3 of 3
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