Had my 341 today!!

[petej]

I had my 341 meeting this morning. Some background: I am a small business owner filing a personal Chapter 13 and the meeting was changed from the courthouse to the trustees office. The trustee was very professional and thorough. I was asked the normal questions and then we went over my business operations, taxes, etc.

The entire meeting lasted about 40 minutes and the trustee actually laid out her objections to me and my attorney at the end of the meeting. All of them should be pretty easy to resolve. Also, there were no creditors at the meeting.

I can't believe how much I was stressed out about this beforehand. I had a hard time sleeping last night because I was so worried. I'm sure there will be many more hurdles ahead before confirmation but I just wanted to let everyone know that it was a surprisingly pleasant experience. Thanks for the forum and the support that it offers!!

Petej

[AngelinaCat]

Hi Petej, that is great. It sounds like it was a good meeting. I know you will sleep alot better tonight. Thanks for letting us know how it went.

[MomIcantFindmy]

Congratz Petej!!! I am glad it went well for you. You can relax now.

[car67]

Feels good

To get the initial 341 done lot less strss from here Just make your payments and comply with any requests and your golden! Enjoy your weekend! You deserve it...

[Cali]

Congrats PeteJ!!

[gymbofreak]

Had mine today,although mine was 3 minutes tops..:-)

[holding on]

Congrats to both of you who had a stress free 341! That's always good news!

[oldrocker]

petej, glad to hear your 341 went so smooth. If I may ask, how far did the trustee delve into the business?

[petej]

Oldrocker, to answer your question:

The Trustee delved pretty deep into my business operations. I had to supply a business worksheet before the 341 that was pretty comprehensive, so he just went through that and asked questions based on my responses.

Here is some the things he asked questions
-how long have you been in business.
-reasons for filing bankruptcy.
-Copies of last two years financial statements.
-last 4 months of P/L with bank statements.
-payroll for six months.
-2 years of federal and state tax returns.
-business assets.
-bank accounts, do you mix business and personal.
-2 years 941 reports.
-2 years of 1099 reports.
-Insurance polices for business.
-Copy of business license.

Very thorough questioning but he did not go into any great detail and was friendly and professional.

Just glad the 341 is over. Sometimes being a business is not all that it is cracked up to be.....20 years for me, most good...now bk

[oldrocker]

Thanks petej, if my trustee needs the same stuff it would be no problem, I have a very good and thorough accountant (ex IRS). Just waiting now for the lawyer to call to sign paperwork to file.

Sometimes being a business is not all that it is cracked up to be.....20 years for me, most good...now bk

I can relate, 21 years here. Met all three of my wives at the store, two divorses now bk and all the ups and downs in between. What a long strange trip its been, to quote the bard.

[petej]

You will be fine then oldrocker... It sucks to go through this at this point in our lives, but it could always be worse. It's just a business decision, a tool to survive, hopefully

Wishing the best...

Pete

[Cali]

Pete and Oldrocker, wishing you both the best of luck in whatever you do.