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    341 meeting - with asset (house)

    My 341 meeting was today.

    Had the usual scared/nervous anticipation all built up in my mind like so many others here. Not just about the normal bk process anxiety, but also the question of what is going to happen to my house, which is being foreclosed, but I'd rather the trustee take it (& try to get some of the homestead exemption out of it) than the bank take it.

    I was freaking out last night b4 going to bed (I only got about 3 hours sleep total) because I noticed that the statement of intent in regards to my house in the filed paperwork was NOT the same as what I was shown in the final draft, and it appeared to be wrong (I have a different thread about that & won't go into all that again here).

    And I had the common "what are they going to ask me" type of jitters, like fears of questioning my car exemption, or going through my bank records and asking what recent deposits were (I am unemployed and surviving lately on selling possessions - all of which should be exempt but I've heard this can still be a problem), getting into hot water for God knows what, questioning asset values, whatever imaginable, but nothing troubling came up at all, and it took only about 5 minutes, 4 of which were discussion about my house & it's value, the status of the foreclosure etc.

    No creditors showed up. Not even the secured creditors (my mortgage).

    I have to get the lawyer some documents that the trustee wants in regards to the house but that's it. Then it is waiting to see if he decides to take/sell it and what that process is going to be like - or then go through the fun of foreclosure. Either way I can get this mountain of debt that I have off my back (I think) and try to move on...



    Also as others have reported, my overall experience was pretty much the same in general - sitting first in a waiting room with about a dozen other people, all ages, all walks of life, most in business casual type dress, some in jeans. Only the lawyers in suits.

    The trustee was in a separate room where he conducted the meetings. It was not possible to see or hear what was being discussed in there from where I was. On the one hand I was disappointed because I was curious to hear what other people would be subjected to before it was my turn, but on the other hand I was relieved that I would have some privacy in my own case.

    The people called prior to me were all out of there in like 3-4 minutes. My time was probably the longest, like 5 minutes. I don't think any creditors showed up in any of the cases. The trustee was civil and even wished me "good luck" when it was over.



    Jeez what a relief. I know I still have a lot to go through, but getting over this 341 hurdle is a huge load off my mind.

    Thanks to others who posted their 341 stories in this forum. Helped me in learning about all this. Hope mine helps too.
    Well, when you're married, you'll understand the importance of fresh produce.

    #2
    Thanks for sharing your story with us. You're right it does help others waiting on their 341. And congrats and having a smooth 341.
    Filed Ch. 7 on 9/30/10---341 11/12/10---Report of No Distribution 11/16/10

    Discharged 1/21/11 Closed 1/26/11

    Comment


      #3
      Kev,

      Told you. . . 341. . . not a big deal. Glad to read that you got through it just fine.

      The next hurdle you may face is if the lender files a Motion for Relief From the Automatic Stay and/or Motion to Abandon. While the Trustee will most likely respond, sometimes they have too much on their desk and forget. If the lender files such a Motion, make sure your attorney files a Response within the 14 days just in case the Trustee fails to.

      Des.

      Comment


        #4
        great new Kev!!! i know you were really worried about the house situation...i'm glad the 341 is done and over for you!!! now onward and forward to a better life....make sure you let us know what happens with the house...i'm actually very curious as to how the trustee is going to handle a house that is in foreclosure already...one would think the bank may fight that...i don't know and am on the edge of my seat to find out what happens!!

        best of luck!
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

        Comment


          #5
          Originally posted by despritfreya View Post
          Kev,

          The next hurdle you may face is if the lender files a Motion for Relief From the Automatic Stay and/or Motion to Abandon. While the Trustee will most likely respond, sometimes they have too much on their desk and forget. If the lender files such a Motion, make sure your attorney files a Response within the 14 days just in case the Trustee fails to.

          Des.

          Wow, interesting catch there Des - guess what? That already happened!!!

          They filed for relief from the bk stay very quickly, like one day AFTER I filed for bk. My atty/paralegal were shocked as to how fast they did that and told me when it happened. Supposedly my atty did file some type of response, but the lender was granted relief from the stay in court about a week ago.

          This was discussed at my 341. The trustee was also shocked that the relief was filed (and granted) so fast. He said is going to talk to the lender's atty.

          I really don't understand what is going to happen next, and how this all works from here on out, but was under the impression from talking to my lawyer that the trustee has the right to take/sell my house if he wants to go down that path rather than have the bank foreclose on it, if he sees enough equity in it to bother with. That is the next thing I am waiting on hearing about.
          Well, when you're married, you'll understand the importance of fresh produce.

          Comment


            #6
            Originally posted by tobee43 View Post
            great new Kev!!! i know you were really worried about the house situation...i'm glad the 341 is done and over for you!!! now onward and forward to a better life....make sure you let us know what happens with the house...i'm actually very curious as to how the trustee is going to handle a house that is in foreclosure already...one would think the bank may fight that...i don't know and am on the edge of my seat to find out what happens!!

            best of luck!
            Thanks.

            I'll try to keep things updated here.

            I asked my lawyer about this on the way to the 341 - and maybe he is wrong but he's seemed to be right on things so far, even when it made no sense to me - I asked, if the trustee wants my house, but the bank wants to foreclose, who "wins"? Do they put on boxing gloves and get in a ring and duke it out? Do they flip a coin? Is it something that goes before a judge? What? And he said that the trustee has the final say if he wants it, not the bank.

            Guess I'll find out soon enough. If anyone has knowledge of how this works please speak up! I'm assuming this situation must be covered already in some kind of lawbook, but based on my own limited experience of "the law", it could be open to some kind of interpretation and subject to a ruling of some kind.
            Well, when you're married, you'll understand the importance of fresh produce.

            Comment


              #7
              Originally posted by KevFinnerty View Post
              That already happened!!! They filed for relief from the bk stay very quickly, like one day AFTER I filed for bk. . . Supposedly my atty did file some type of response, but the lender was granted relief from the stay in court about a week ago. This was discussed at my 341. The trustee was also shocked that the relief was filed (and granted) so fast. He said is going to talk to the lender's atty. I really don't understand what is going to happen next. . .
              This is very interesting. I would venture a guess that the Trustee's position is that the lifting of the stay does not act as an abandonment of the Estate's interest in the property. I am not confident that such an argument is valid based upon my quick review of exceptions under 362(c) but as I have never dealt with this issue (not having represented a Trustee), please keep me informed.

              Des.

              Comment


                #8
                Oh, and something else to mention - I am not sure of this....

                In my case the bank's atty had filed for foreclosure. Afaik, no judgement was issued, I was not notified of anything like that.

                I filed for bk, which "stopped" the foreclosure process.

                The bank's atty then filed a motion for relief from the stay on the foreclosure and was granted that.

                Putting aside my bk status and the 341 hearing, what does all this mean as far as the bank's foreclosure "progress"? Do they have to "refile" the foreclosure case again, to get a "judgement", get a court date (or something) to allow them to "foreclose"? I'm pretty confused on this.
                Well, when you're married, you'll understand the importance of fresh produce.

                Comment


                  #9
                  Glad your 341 was smooth.

                  When we were waiting for our 341 in a lobby area, there was a couple there also. Their lawyer showed up and told them that the mortgage company filed the relief from stay. The couple said they knew, but didn't know what it was. Needless to say, they weren't happy when their lawyer explained it to them. Then they were saying how they wanted to keep the house, the husband was almost in tears, but they had not been on time with the payments. They were late every month. Their lawyer told them "Well, you need to pay it on time if you want to keep it." As soon as he said that, they were called in for their 341. What terrible timing. I wanted to smack him. lol
                  I may be smarter than an attorney, but I'm not one. No legal advice here, people.
                  Filed Ch. 7 pro se on 10/22/10 341 on 11/19/10 Report of No Distribution Filed on 11/19/10 Discharged 1/19/11 Closed 2/2/11

                  Comment


                    #10
                    Originally posted by dumpinmydebt View Post
                    Glad your 341 was smooth.

                    When we were waiting for our 341 in a lobby area, there was a couple there also. Their lawyer showed up and told them that the mortgage company filed the relief from stay. The couple said they knew, but didn't know what it was. Needless to say, they weren't happy when their lawyer explained it to them. Then they were saying how they wanted to keep the house, the husband was almost in tears, but they had not been on time with the payments. They were late every month. Their lawyer told them "Well, you need to pay it on time if you want to keep it." As soon as he said that, they were called in for their 341. What terrible timing. I wanted to smack him. lol
                    dump...what a terrible situation for that couple...i think it almost would have been best to not let the know until it was in front of the trustee...maybe the trustee would have felt badly for them...or something...

                    but, my doing that he/she just made his poor clients so nervous...like they were not already....that's really bad!
                    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                    Comment


                      #11
                      Congratulations on a smooth 341!!!
                      Filed Chapter 7, Pro Se: 12/23/2010
                      341 Meeting: 01/26/2011
                      Discharged: 03/29/2011

                      Comment


                        #12
                        Originally posted by dumpinmydebt View Post
                        Glad your 341 was smooth.

                        When we were waiting for our 341 in a lobby area, there was a couple there also. Their lawyer showed up and told them that the mortgage company filed the relief from stay. The couple said they knew, but didn't know what it was. Needless to say, they weren't happy when their lawyer explained it to them. Then they were saying how they wanted to keep the house, the husband was almost in tears, but they had not been on time with the payments. They were late every month. Their lawyer told them "Well, you need to pay it on time if you want to keep it." As soon as he said that, they were called in for their 341. What terrible timing. I wanted to smack him. lol
                        WOW! Could that lawyer have been any more insensitive?
                        Filed Chapter 7, Pro Se: 12/23/2010
                        341 Meeting: 01/26/2011
                        Discharged: 03/29/2011

                        Comment


                          #13
                          I am shocked that the judge would allow relief of stay when the TT has not even had a chance to look over this possible large asset. Since it sounds like there may be some cash there and he has not filed his report of no distribution it is the TT's still to do with what he thinks is best. I do wonder, if the TT sells your house for it's fmv and the bank then gets their cut and you then get yours, does that count as a foreclosure? I would think not. If so that could be a very good thing. No waiting 3-4 years to get a new house.
                          3/2/09- Filed: chapter 7 / No asset
                          4/1/09- 341 Hearing: 1 creditor showed up Got to love family feuds
                          4/2/09- Trustee Report of No Distribution Filed
                          6/24/09- Discharged and case closed

                          Comment


                            #14
                            Originally posted by tobee43 View Post
                            dump...what a terrible situation for that couple...i think it almost would have been best to not let the know until it was in front of the trustee...maybe the trustee would have felt badly for them...or something...

                            but, my doing that he/she just made his poor clients so nervous...like they were not already....that's really bad!
                            I think it was bad timing, but also just poor communication. I mean really. As sscott4775 said, it was very insensitive. Had the door to the 341 meeting room not been wide open, I would have very likely called that lawyer a jerk. I mean, you could tell these people were nervous and just in a horrible situation. They were elderly too, so I'm sure they have been in that house for many years. I just couldn't believe what he said, and I wish I could convey how he said it. He talked down to them. A***ole
                            I may be smarter than an attorney, but I'm not one. No legal advice here, people.
                            Filed Ch. 7 pro se on 10/22/10 341 on 11/19/10 Report of No Distribution Filed on 11/19/10 Discharged 1/19/11 Closed 2/2/11

                            Comment


                              #15
                              Originally posted by dumpinmydebt View Post
                              I think it was bad timing, but also just poor communication. I mean really. As sscott4775 said, it was very insensitive. Had the door to the 341 meeting room not been wide open, I would have very likely called that lawyer a jerk. I mean, you could tell these people were nervous and just in a horrible situation. They were elderly too, so I'm sure they have been in that house for many years. I just couldn't believe what he said, and I wish I could convey how he said it. He talked down to them. A***ole
                              sometimes i think some of the atty's and the trustee's really get their thrills kicking people while they are down...

                              it reminded me of that thread and i have no clue where it was about the guy that went to his 341 in ny and the trustee wanted his wife's engagement ring....RIGHT there on the spot!!!!

                              what's the matter with these so called humans??
                              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                              Comment

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