We had our 341 meeting yesterday. It went well - took less than 5 minutes. Trustee said he was satisfied and we are a no asset case.
Here is a summary:
1. Meetings in our area are held in our local Recreation Center in a small meeting room. The only people present were filers and their attorneys (and the trustee of course).
2. There were about 8 cases or so scheduled for our timeframe. We were called second of those cases.
3. The trustee was very cordial and not intimidating at all. I could see that he had confidence in our attorney having it all together. The trustee had obviously reviewed the cases before hand and knew what questions he wanted to ask, etc..
4. We presented our IDs and confirmed our address, etc..
5. He asked us: If we had read the BK info sheet.
If we had read the filing papers before we signed them.
If all the info on them had been correct.
If any info had changed since we filed.
If we are due any life insurance payouts or inheritances.
If we have any settlements that we are expecting.
If anyone owes us any money.
If my small business has any money due to it.
If the info we listed about our home was still correct.
These were standard questions he asked everyone.
6. One area that he did question was about the inventory for my small business. He noted that the amount I had listed on my schedules to exempt was less than the amount of inventory listed on my 2007 income tax filing. I explained that the attorney had asked me to value it at what I would expect to receive at a yard sale and given that the inventory items are really only of interest to a very specialized market (hence the business not surviving), that I did not feel that even what I paid for them could be realized if sold as a liquidation. I gave him a few examples and he seemed satisfied that it was nothing that would be worth his time trying to sell.
And that was it. We were done. I didn't see any creditors show up for any of the cases we sat thru. Our attorney said that is very rare.
BTW, we did not have to provide any additional financial info beyond our filing. No paychecks stubs or bank statements from the timeframe after we filed.
So, now we wait. We're getting there!
reallynervous
Here is a summary:
1. Meetings in our area are held in our local Recreation Center in a small meeting room. The only people present were filers and their attorneys (and the trustee of course).
2. There were about 8 cases or so scheduled for our timeframe. We were called second of those cases.
3. The trustee was very cordial and not intimidating at all. I could see that he had confidence in our attorney having it all together. The trustee had obviously reviewed the cases before hand and knew what questions he wanted to ask, etc..
4. We presented our IDs and confirmed our address, etc..
5. He asked us: If we had read the BK info sheet.
If we had read the filing papers before we signed them.
If all the info on them had been correct.
If any info had changed since we filed.
If we are due any life insurance payouts or inheritances.
If we have any settlements that we are expecting.
If anyone owes us any money.
If my small business has any money due to it.
If the info we listed about our home was still correct.
These were standard questions he asked everyone.
6. One area that he did question was about the inventory for my small business. He noted that the amount I had listed on my schedules to exempt was less than the amount of inventory listed on my 2007 income tax filing. I explained that the attorney had asked me to value it at what I would expect to receive at a yard sale and given that the inventory items are really only of interest to a very specialized market (hence the business not surviving), that I did not feel that even what I paid for them could be realized if sold as a liquidation. I gave him a few examples and he seemed satisfied that it was nothing that would be worth his time trying to sell.
And that was it. We were done. I didn't see any creditors show up for any of the cases we sat thru. Our attorney said that is very rare.
BTW, we did not have to provide any additional financial info beyond our filing. No paychecks stubs or bank statements from the timeframe after we filed.
So, now we wait. We're getting there!
reallynervous
Converted to asset case 5/26/2008 [X]
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