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341 Meeting Today

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  • 341 Meeting Today

    Ours was scheduled for 1pm and we arrived about 1/2 hour early to be safe.

    We watched about 15 cases before we were called on and for the most part the trustee asked everyone the same standard yes or no questions. I noticed a few probing questions about rental properties and vehicles.

    When it was our turn, he sped through the standard questions and dismissed us - all in about 3 minutes.

    We have four vehicles that I thought would bring scrutiny but never even a mention. We also had nearly $400 in our account on filing day and he didn't bat an eye. What a relief!

    While I certainly don't want to celebrate anything yet, does the fact that the trustee didn't inquire about our vehicles and have any probing questions suggest that he isn't interested in them a this point or is it likely he'll dig deeper into our schedules now that the 341 is completed.

    A big thanks to the board members here for preparing us for this.

  • #2
    Chances are that since the TT did not probe, your exemptions covered the value or they were deemed too little value to the estate...hence you may be OK. Within the next week or so (hopefully), the trustee will issue an interim report or a report of no distribution. Once one is filed, you'll have a better idea where you stand.

    If a report of no distribution is entered, all assets are abandoned back to the petitioner. If an interim report is filed, the spreadsheet looking form will show what assets are fully administered (FA), meaning they are of no interest to the TT or estate.

    In my case, the TT filed an interim report and converted me to an asset case, she wants my 2009 tax return or at least 2/3's of it. On my interim report, all of my assets listed on my petition were reported as fully administered except for the last line that listed my pending 2009 tax return. I asked my lawyer if that meant all of my other assets were abandoned back to me...but I didn't get a solid answer...I want to sell a old car that is sitting in my driveway. I guess I'll wait until discharge.

    Comment


    • #3
      Seenthelight, did you file a Ch7 or a Ch13? If you filed a Ch7, and if your vehicles and the money were not covered by the exemptions, you may be ruled an 'Asset Case'. It usually takes about ten days or so for the trustee to make that ruling.

      Now, if that happens and you are ruled an Asset Case, some time will go by and then the trustee will make a Motion to the Court to "Formally Abandon Interest' in those things that are too old or of too little value to bother with. You will be notified by mail in any case. If you have a PACER account, you can follow your case through that as well.

      Good luck to you!
      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."

      Comment


      • #4
        We filed for chapter 7 and according to our attorney, between the wild card and the tools of the trade exemption for our state, he was able to mostly protect everything.

        I think the total equity in all four cars combined came to $3800.

        I have a classic/project car that I thought might fall into the "gray area" so to speak, so I was bracing for some questions about it with regards to value, etc. Nothing mentioned at all.

        Hopefully good news follows in the next few weeks on Pacer.

        Fingers crossed.

        Thanks for the kind wishes.

        Comment


        • #5
          seenthelight,

          Did you hear what kind of questions they were asking people about the rental properties? I have a rental property that I am surrendering and my hearing is in a couple of days.

          Thanks,

          Comment


          • #6
            We had a classic 'project car' also. It was a 1968 Chevrolet Impala, 4 door sedan, so it was the low end of the line. When we bought it, actually 'Hub did in 2002 for me as a B'day present, it was a pretty good fixer-upper, that was mostly original, but had been rear-ended and repaired.

            We played with it and tinkered with it for a couple of years until in 2004 when 'Hub got prostate cancer. 2004 was also the year of four hurricanes for our area of Florida. So project cars was on the very last of our list of priorities.

            The car was garaged and sat there for four years w/o moving. We filed on 12/28/2007, and had our 341 on 2/7/2008. We were asked about this car as to the condition: "On a scale of from 'show room quality' or 'housing squirrels', which is it?"

            I said: "While it IS better than 'housing squirrels', I can tell you that the green color on the car is NOT the paint; it is mold."

            The trustee abandoned interest in it.

            Now, as I said, this was not one of the 'high end' classics. If you have something like a 1965 Stingray Corvette, you might have a problem.
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."

            Comment


            • #7
              Our isn't a "high end" classic either but it definitely doesn't house squirrels.

              As a poster in an earlier thread said, we tend to think are stuff is worth more than it really is.

              That was very good advice as my car needs a ton of work just to to get back on the road.

              Newstart10..the questions I heard about the rental property were:

              1) Do you have any rental property?
              2) Do you intend to keep this property?
              3) What is the value of the property?

              That was it. He thanked them and excused them shortly after.

              I wish you the best of luck with your meeting - I'm sure it will be quick and painless.

              Comment


              • #8
                Seen the light, what state are you in?

                Congrats on the 341 going so smoothly.

                I continue to be chagrined, though, to read that these meetings are so PUBLIC in the sense that everyone else can listen and watch!!

                Comment


                • #9
                  I had my 341 today and the Trustee asked about my old '83 Mercedes Benz, when he asked how well it ran I responded, "well 4 out 5 cylinders are working"... he moved on to next question. The next question was about my home, he asked if I was current on the loan I responded, no I'm delinquent, asked my intentions on keeping it (filed that we would retain the home), my response was to surrender the home. The Trustee had a very interesting response, "Glad to hear your making the right discussion in surrendering your home, since your over 50% negative equity!" My response was, thank you and yes the value is still dropping on it. Then asked how many furlough days I have (CA state employee) my reply was three days a month, then he dismissed me. Glad it is over and it was not bad.
                  November 2, 2009: Filed Chapter 7, December 10, 2009: 341 Done! January 11, 2010 Last Day for Objections! February 9, 2010 Discharged!!! February 12, 2010 Case Closed, MyFico on 11/09: 550, Now: 715!

                  Comment


                  • #10
                    Originally posted by nickifan View Post
                    I continue to be chagrined, though, to read that these meetings are so PUBLIC in the sense that everyone else can listen and watch!!
                    And it is also Public Record, meaning that anyone with a PACER account or wants to go to the trouble of going to the courthouse to look at the records, are able to do so.

                    I don't like it either, but it is the way the system is.
                    "To go bravely forward is to invite a miracle."

                    "Worry is the darkroom where negatives are formed."

                    Comment

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