Meeting with creditors tomorrow - need some advice please!

[aberham]

I know I wish I found this forum earlier but was just lazy and didn't bother to look. I was hoping that I could get some advice because I have my meeting with creditors meeting tomorrow for chapter 7. I have some concerns and was hoping that I could get some more information before I head into the meeting without a clue. I kinda screwed up on the asset information on the bankruptcy forms. I didn't list ALL my assets, basically I have a drum set that I was afraid to lose and didn't bother to list it and also a laptop computer that I need to have. Only the drum set was charged to a credit card on the bankruptcy and I basically freaked when I saw that I was supposed to list everything so I didn't list it. If I lost it I'd be seriously pissed. I know I should have listed it but like I said I was scared about losing it. How should I handle this tomorrow at the meeting?

The reason for my bankruptcy is that I went through an intense mania episode from being bipolar and just went basically crazy for about a month. My credit was 725 so I could basically get whatever I wanted, I ended up racking up $120,000 in debt. I can't really account for anything honestly. I had a car repo'd that I bought for $55,000 and a lot of the other stuff were very expensive trips over the course of a month. I wasn't diagnosed with bipolar until after the manic episode and the spending spree, will this be relevant in the bankruptcy? I have no clue what to expect and am a little nervous because I am going to have to answer to so much spending over a short period of time. I'd very much appreciate any help and advice for tomorrow based on my situation. Thanks and I'll be checking tonight for replies!

edit: i'm in NY if that makes any difference.

[CATCHMEIFYOUCAN]

You might be placed in a Ch13 repayment plan for 36-60 months - depending on your Median and Income. The Trusteee doesn't care how you got into debt, I'm a gambler and gambled using my credit cards - no questions asked. Gambler - Shop-Aholic (no difference). Just answer what you are asked. Keep it simple.

Good Luck, CMIYC

[aberham]

You might be placed in a Ch13 repayment plan for 36-60 months - depending on your Median and Income. The Trusteee doesn't care how you got into debt, I'm a gambler and gambled using my credit cards - no questions asked. Gambler - Shop-Aholic (no difference). Just answer what you are asked. Keep it simple.

Good Luck, CMIYC

I've been unemployed for 9 months and in the process of applying for disability until I can get my meds straightened out enough to function. What questions do they normally ask at this meeting?

[CATCHMEIFYOUCAN]

State your name. You are who you are. BASIC simple questions. Answer YES or NO. DONT WORRY, I was worried because I was afraid I was going to run down with questions about my gambling - where the money went - how much - am i hiding any, etc. No questions even came close to my worry. You'll be FINE !

Best of Luck, CMIYC

Don't forward any information UNLESS you are specifically ASKED ! KEEP it simple and you'll do fine !

About the DRUM SET, if you bought it on a credit card, UNLESS the Trustee happens to get a statement seeing that you just recently bought a drum set than he might raise questions, UNLESS one of the creditors shows up or sends an objection, no worries. Worst comes to worst you'll be in a CH 13 to repay creditors who file claims from 0-100% payback plan. Just go with the flow.

[danaf]

I don't have alot of experience as I am new to this board too. BUT - I don't think your manic episode will matter to the court. So if I were you I would not even bring that up. Although, if you have extreme medical bills, you can include that. Someone correct me if I'm wrong. Really, they just care about the numbers, & the assets - if there are any. At least that is what I understand.

About your drum set.....I understand it is important to you but you have to put things into perspective. What is more imortant? Getting rid of over 100k of debt or your drum set? If one of the creditors or the trustee wants it, let them take it. I'm sure you'll be back on your feet soon enough that you can buy yourself a new and better one. I really wouldn't stress about that.

As long as you haven't done any recent balance transfers, or cash advances you should be fine. Hopefully your lawyer is good and has all the i's dotted and t's crossed.

good luck tomorrow!

[CindyLou]

I wouldn't mention ANYTHING specific unless asked. No one is going to go to your house and search to see if you listed everything. Even if you did spend 120,000 on "stuff" prior to bk, the second you get it home its really not worth a 10th of that. (unless you bought plasma TVs....) If you listed your basic household items, i would think that is sufficient. Did you file on your own or through an attorney???? How much is the drumset worth?

[aberham]

I wouldn't mention ANYTHING specific unless asked. No one is going to go to your house and search to see if you listed everything. Even if you did spend 120,000 on "stuff" prior to bk, the second you get it home its really not worth a 10th of that. (unless you bought plasma TVs....) If you listed your basic household items, i would think that is sufficient. Did you file on your own or through an attorney???? How much is the drumset worth?

I filed on my own because I couldn't afford an attorney. I haven't used any bank accounts or any credit cards in 8 months and I filed last month. The drum set cost $4500 when I bought it. I'm crossing my fingers and hoping that I don't have to do anything with that. Obviously the most important thing to me is getting this debt resolved and getting my life back together but I was holding out hope that I wouldn't have to return the drum set. Thanks for the replies.

[aberham]

Also one last thing. I put taxes that I owed from 2004 on the bankruptcy, should that be fine? It's like $4900. Thanks again all, I'm not nearly as worried about it now.

[SinkingFast]

Cindy is right.

Most attnys don't itemize any more personal belongings than absolutely necessary. Things the Schedules ask about. Works of art. CD's. Photography equipment. Hobby things like fishing gear. Everything else is lumped together. So really no need to worry about your personal property list.

And the Court generally doesn't care how you got into debt. Debt is debt is debt. The Trustee doesn't care what you charged. That's up to the Creditor to Object. Chances are, unless you had significant charges or cash advances within 90 days of filing, you won't see any of your Creditors at the 341.

[CindyLou]

seems like there is a 3 year rule on the taxes? I had taxes on mine but somewhow I really don't remember it ever being brought up or documented anywhere....I think the credit card company would actually have to object to that for it to be an issue....and mine didn't. On the drums, remember, its what you could sell them for, not what you paid, which are two very different amounts. You could have an expemption that would cover this. Remember, you can ammend your schedules even after your 341. So if you are questioned about an assett. Be honest and say your forgot and then add it later. You might get questioned. Just be honest. Really, though, most 341's last less than 10 minutes. We will be waiting to hear from you tomorrow.

[JRScott]

I understand your nervousness, and I have been very happy to have found this place before filing.

As the others said I would not volunteer any extra information, just answer the questions asked.

You can amend your assets list later as the others said to if someone brings it up.

If you've not used the cards in 8 months then I'm not sure any of the creditors will come after you.

I was going to file pro se myself, but then after finding this site decided to hire a lawyer. Still there are those here that have been successful pro se filers.

I had a roommate who was bi polar when I lived out west. So I know how hard some days can be for a bi polar. I hope you are getting the meds you need .

I wish you luck today on the 341. Come back here let us all know what happened and hopefully they can all walk you through the rest