341 date changed-venting

[freshstart06]

hey Logan, you were a Mortgage Broker too??? whatcha doing now??? So many brokers are going bankrupt or leaving the profession for a while. With all my other problems going on, my expense to work as a broker exceed my income. It just is not worth it, if I try to work now with the industry the way it is, it would put my family more in the hole. Until my bones heal, I can't deal with the stress and the expenses. My leads were costing almost $1000 a month regardless if I close a loan or not, lets not mention the credit reports, website expense, efax, phone, cell phone, virtual office expense, heck office expense anyway, branch expense, marketing, gas, fedex, you name. By the time I would get my commission I would owe 2X the amount in expenses. However, it wasn't like this before the housing market and subprime market started to crash. I decided to go on medical leave when I had three loans ready to close on a Wednesday (this was suppose to pull us out of some debts) buy the actual closing was Friday. I get an email from the lender telling me they don't do the program any more. It was a subprime investment at 95% stated income/stated assets 600 score, they will only do 90% which did not work because the homes did not have enough equity. KILLED MY DEALS.... All three. This happened back in FEB. At that time no one was doing those deals anymore. After that I decided it was best to put my health first and try to heal. Don't get me wrong I did try a few other times but every deal I got the homes values dropped. The net branch I was/am working for I am $3700 negative, I am in the hole with them.

[cathywhite4495]

cathywhite, I swear my 341 was scheduled like 9 1/2 weeks from filing, I am going to check it could be 10 weeks but it looks like I still have the regular 60 days after. I am going down to the hour count lasy then 24 hours I will be finding out my destiny LOL. Trust waiting this long eases the nerves. I am not as nervous anymore, I just want tp have it over especially since I have new things to worry about in regards to my husband's job

I figured it would still be 60 days I have to say it's the 341 that I find the most stressful. I filed pro se and I'll know then if I screwed anything up! Once that's over, I think I'll be fine.

I get jealous of all the people who only had a 30 day wait for the 341

[Logan]

yes, I know but if you have the income disposable, you should have no problems paying it off. I'm confused.
My payment will be $900 a month and I'm happy to pay that vs. $1900!!!! Plus I do NOT want that shadow for 10 years. The 7 years will be enough thank you~~~

Shadow for 10 years....It's really meaningless after a few years anyways. I was in the mortgage business and if someone had cleaned up there credit it would be hard for me to even notice a Ch. 7 BK on their report and no one cared about it...

If you could file Ch. 7 at 900 a month you could save 30K in 3 years.....I'd take the Ch 7 for that if you could swing it....

[SinkingFast]

We got lucky. Our 341 was less than a month from the day we filed. But there were people at our 341 that had filed 2 and 3 weeks before us. I think that wait would have driven me crazy.

We know a couple that's in the middle of a Divorce. They tried to get the Divorce over and done with and then each of them would file BK. But Creditors had other plans for them. They both filed right around the first of July and their 341's are next week. Nearly 2 months after they filed.

Gak,...............

Just keep in mind,........... Even tho your 341 was rescheduled, your 60 day clock has already started ticking. The 60 Day Objection period begins with the FIRST schedule Meeting of the Creditors.

Welcome to the 60 Day Club!!

[freshstart06]

cathywhite, I swear my 341 was scheduled like 9 1/2 weeks from filing, I am going to check it could be 10 weeks but it looks like I still have the regular 60 days after. I am going down to the hour count lasy then 24 hours I will be finding out my destiny LOL. Trust waiting this long eases the nerves. I am not as nervous anymore, I just want tp have it over especially since I have new things to worry about in regards to my husband's job

[familyof7]

yes, I know but if you have the income disposable, you should have no problems paying it off. I'm confused.
My payment will be $900 a month and I'm happy to pay that vs. $1900!!!! Plus I do NOT want that shadow for 10 years. The 7 years will be enough thank you~~~

No in a chapter 7 you get discharged meaning the debt is erased the law is telling the creditors to erase the debt it no longer exist.Most of the people who file chapter7 dont really have disposable income that is the reason they quailfy for a discharge. Most if not all of the debt discharged in a chapter7 hasnt been paid in a long time so it is not like oh the debt is discharged now you have extra money it is the opposite you prove you are broke and in no way can pay it back so law makes the debt go away. Chapter 13 is when you pay it back as much as you can afford at a less monthly pmt than before and the creditor cant do nothing but take what they can get.

[cathywhite4495]

I understand how you feel... mine was postponed as well by a month. Trustee had an emergency. Hang in there. But the good thing about it is the clock is still ticking and after your 341 you're discharge won't be far behind. Good luck!

Is it still 60 days from the 341 or do they count the extra time waiting for the meeting. My 341 was scheduled for 7 weeks after the date I filed - do I get lucky and not have to wait a full 60 after?

[CityGirl]

yes, I know but if you have the income disposable, you should have no problems paying it off. I'm confused.
My payment will be $900 a month and I'm happy to pay that vs. $1900!!!! Plus I do NOT want that shadow for 10 years. The 7 years will be enough thank you~~~

In a chapter 7 you dont pay anything back. I was in a chapter 13 before I filed chapter 7 and it was a very long process we apid into it for 1 and a half years we filed before the law changed but we could not afford the pmts so it was dismissed with out prejiduce so we filed chapter 7 a few weeks later.

[JRScott]

Bummer man, probably someone got sick as suggested above. Hope it goes smooth in September for you

[familyof7]

I know ~~ I'm doing a 13 and I can't wait to start paying my debts back! I'm sure you guys feel the same, don't you?

In a chapter 7 you dont pay anything back. I was in a chapter 13 before I filed chapter 7 and it was a very long process we apid into it for 1 and a half years we filed before the law changed but we could not afford the pmts so it was dismissed with out prejiduce so we filed chapter 7 a few weeks later.

[CityGirl]

I know ~~ I'm doing a 13 and I can't wait to start paying my debts back! I'm sure you guys feel the same, don't you?

[frankies_mom]

I understand how you feel... mine was postponed as well by a month. Trustee had an emergency. Hang in there. But the good thing about it is the clock is still ticking and after your 341 you're discharge won't be far behind. Good luck!

[guzzie]

sorry you have to wait......best of luck

[freshstart06]

Minnymouth, you are correct... "good things come to those who wait" I learned so much more since waiting this long.

[Minnymouth]

Calm down folks, this sometimes happens...... Judge may be sick, Trustee may be sick............. never know......

Then if they are - it's reschedule.......

So be patient, sorry you have to wait, in the meantime, pull your credit report and see what kind of "damage control" that you need to do there and get it ready to go......

Remember, good things come to those that have to wait!!!