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Chapter 7 - 341 Meeting on Tuesday 3/31/09 Lots of Questions

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  • Chapter 7 - 341 Meeting on Tuesday 3/31/09 Lots of Questions

    Well my 341 meeting is scheduled for 3/31/2009. I've got questions????
    I filed Chapter 7, and do have an attorney.
    I signed a home loan modification agreement with Countrywide a week before I filed, I also have a 2nd home loan.

    - Should I meet with my attorney again before my 341?

    - What happens after the 341 meeting as far as my direct deposits and bank accounts? Does the trustee control how and wen I spend my money and pay my bills?

    -I have a corporate AMEX, I get tuition reimbursement from my employer, the school just charged my tuition for 2 classes to my account. Do I need to be concerned?

    -Will the Chapter 7 BK make my loan mod null and void, I did not see anything in regards to BK in the forms I signed. I was notified by Countrywide when I called and tried to make a payment over the phone, I was told hat they would be contacting me around 3/30/2009. They had said my loan mod was accepted and entered into the system. What happens now?

    Thanks very much!

  • #2
    Geez - 40 veiws and no replies.....

    Comment


    • #3
      All your questions depend on what you listed in your petition (i.e. BK)
      Talk with your attny about the home loan remod - if it was included in your BK, no sense modifying it right?

      Trustee might control bank accts ormight not. SOme Trustees like mine cared less and took nothing. Others I heard tried to take freakin engagement rings. Absurd but it's true.

      The Corp card might be ok, but if it's in your name you must disclose with your attny.

      Again, all these (especially CountryWide) should be discussed with your attny! If there is anything I can tell you, DON'T fumble questions or give the US Trustee any hints that you are holding back info. They will put you under a microscope!
      Filed: 01/23/08
      341 Meeting: 02/29/08
      Discharged: 04/30/08
      Closed: 05/12/08

      Comment


      • #4
        [QUOTE=r131313w;258939]

        - Should I meet with my attorney again before my 341?

        - What happens after the 341 meeting as far as my direct deposits and bank accounts? Does the trustee control how and wen I spend my money and pay my bills?

        QUOTE]

        I didn't meet with my attorney before just met him in the waiting room the day of but I did wonder the same thing. I kept thinking what if he doesn't show up or what if he's late. But all went well.

        As for direct deposits you should be fine. My attorney filed me on a Thursday and I get paid every Thursday and had over $1000 in the bank! I was so mad b/c I even told him to not do that. Technically all the trustee wants to see if the amount you had in the bank the day that you filed. Lucky for me he didnt even look at my bank statements so it was no issue but my lawyer said the most that could have happened was I would have to pay him that much if that b/c i had pending checks our for bills and could prove it. And no they don't control how you spend your money, chances are they won't even look at it.

        Sorry but dont know bout the other questions. But don't worry.... i seriously did not sleep before my meeting and was freaking out "googling" TONS of questions but it all went well and yours will too.

        Comment


        • #5
          Originally posted by r131313w View Post
          Well my 341 meeting is scheduled for 3/31/2009. I've got questions????
          I filed Chapter 7, and do have an attorney.
          I signed a home loan modification agreement with Countrywide a week before I filed, I also have a 2nd home loan.

          - Should I meet with my attorney again before my 341?

          Its up to you. My attorney just told us to look over our petition so we are fimilair with whats in there. He told us to tell the truth and everything will be fine.

          - What happens after the 341 meeting as far as my direct deposits and bank accounts? Does the trustee control how and wen I spend my money and pay my bills?

          Nothing happened with ours. Our account was never compromised. You can spend your money, BUt i was always careful, when i went out to ea i would withdraw the money instead of using my debit card. I wouldn't but anything luxury.

          -I have a corporate AMEX, I get tuition reimbursement from my employer, the school just charged my tuition for 2 classes to my account. Do I need to be concerned?

          You shouldn't be. My hubby has one and has used it for traveling and there has not been an issue at all.

          -Will the Chapter 7 BK make my loan mod null and void, I did not see anything in regards to BK in the forms I signed. I was notified by Countrywide when I called and tried to make a payment over the phone, I was told hat they would be contacting me around 3/30/2009. They had said my loan mod was accepted and entered into the system. What happens now?

          I am not sure. I guess you should wait an see. Did your payments go down alot. Do you attorney know you did a loan mod? Talk to your attorney about it.





          Thanks very much!

          I hope that helps.

          Comment


          • #6
            Thanks very much for all your input!

            FYI - I am filing In CT.
            Yes my attorney did know about my loan mod prior to filing BK. It's been approved and I'm hoping to hear from my lender.

            Does anyone know if they will look to renegotiate my payment again, what about my 2nd mortgage? That one is current but I'd like to get that payment lowered as wel.. Will BK start that process?

            STUPID QUESTION - How you you dress when you go to a 341? Shirt and TIE?

            Please wish me luck tomorrow.. Here's to hopefully a clean slate.

            Comment


            • #7
              How to dress is not a stupid question - don't wear anything flashy. Dress like you are going to work - professionally. Don't wear jewlery - don't bring a name brand handbag (if you are female).

              Some districts are very casual. Some are formal. Remember, you are meeting in a professional atmosphere and dressing professionally shows respect to the Trustee. That can't hurt!
              Filed CH 7 9/30/2008
              Discharged Jan 5, 2009! Closed Jan 18, 2009

              I am not an attorney. None of my advice is legal advice in any way..

              Comment


              • #8
                Can you be more specific about wearing jewelry. (e.g. no wedding rings, or engagement rings, tell my wife to leave them at home).

                Comment


                • #9
                  Originally posted by r131313w View Post
                  - How you you dress when you go to a 341? Shirt and TIE?
                  Remember that episode of the Cosby show where Dr. Huxtable goes to buy a car...

                  LOL

                  Comment


                  • #10
                    If the wedding ring is in your schedules, wear it. In fact, it might look odd to not have it unless she is in the habit of not wearing one - not everyone wears a ring.

                    But the rest of the jewlery - fancy watches etc. leave at home. Wear your most basic 'el cheapo' watch. Nothing else.

                    If you go dressed to the nine's with designer everything - believe me, the Trustee pays attention to you! Not the kind of attention you want either.
                    Filed CH 7 9/30/2008
                    Discharged Jan 5, 2009! Closed Jan 18, 2009

                    I am not an attorney. None of my advice is legal advice in any way..

                    Comment


                    • #11
                      Originally posted by gophermn View Post
                      All your questions depend on what you listed in your petition (i.e. BK)
                      Talk with your attny about the home loan remod - if it was included in your BK, no sense modifying it right?
                      If the OP wants to keep the house, this could make MUCH sense.
                      As of current law, 1st mortgages can't be modified/changed by the judge.

                      Now if the modification all of a sudden makes the payments affordable to the OP, he might be able to keep the house - depending on exemption/equity.
                      Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                      FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                      FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

                      Comment


                      • #12
                        Can you be more specific about wearing jewelry. (e.g. no wedding rings, or engagement rings, tell my wife to leave them at home).

                        Comment


                        • #13
                          Read this thread: Some people even suggest NOT WEARING the wedding rings or engagement rings but plain bands only:

                          http://www.bkforum.com/showthread.ph...to+wear+to+341
                          Filed CH 7 9/30/2008
                          Discharged Jan 5, 2009! Closed Jan 18, 2009

                          I am not an attorney. None of my advice is legal advice in any way..

                          Comment


                          • #14
                            Originally posted by r131313w View Post
                            -Will the Chapter 7 BK make my loan mod null and void, I did not see anything in regards to BK in the forms I signed. I was notified by Countrywide when I called and tried to make a payment over the phone, I was told hat they would be contacting me around 3/30/2009. They had said my loan mod was accepted and entered into the system. What happens now?
                            You obviously want to keep the house so I suggest you simply make timely payments under your new modification. Do you have any equity in your home after the modification? What is your exemption for your house in your state? If those numbers match, I don't see a problem.

                            Mortgages are a little different than credit cards when it comes to BK. Although you are legally discharged from the debt, the mortgage company keeps the hands on your home. In a Chapter 7, a BK doesn't stop a foreclosure either - it only delays it.

                            I would think outside the box and consider the 1st mortgage as a task of its own. If you owe about the same what it's worth, you should be fine.

                            Your modification isn't necessarly void either - just show the mortgage company that you want to fulfill the modification agreement and they won't care much about your Chapter 7. You need a home and they want the money.
                            Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                            FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                            FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

                            Comment


                            • #15
                              Quote:
                              Originally Posted by gophermn View Post
                              All your questions depend on what you listed in your petition (i.e. BK)
                              Talk with your attny about the home loan remod - if it was included in your BK, no sense modifying it right?
                              If the OP wants to keep the house, this could make MUCH sense.
                              As of current law, 1st mortgages can't be modified/changed by the judge.

                              Now if the modification all of a sudden makes the payments affordable to the OP, he might be able to keep the house - depending on exemption/equity.


                              1st Question: What is an OP?

                              I have no equity in my home, I owe a lot more on it than it is worth.

                              I'm still waiting for Countrywide to call me back so I can make my 1st payment under the modification. I assume they will call me after the 31 of March after my 341.....

                              Comment

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