Newbie-341 meeting today

[Risi0457]

Hi everyone, its my first time posting here, but let me thank you all right now for such informative forum and wonderful, wonderful people here. I have been reading this forum for about 2 months and learning so much that I just couldn't stay away. Every single day I have come here and read everyone post. And now is my turn to share and show my appreciation of what I have learned and the experience that I have gain, thanks to all of you.



I had my ch 7 bk, 341 meeting today and I was so nervous when I got there at 10:30 am, (my meeting was at 11:30am) I went in a room full of a lot of chairs and just a few people, I thought it was going to be full of people for some reason, anyway, I was there an hour early so I could listen to what the trustee was asking for and so on. The majority of people had their lawyer with them and trustee ask just the usual question, mostly everyone were dress very casual including me. When it was my turn my lawyer was already there with me. The trustee asked if all that I was about to answer was the truth nothing but the truth so help me God, I said "yes" then I sat down and he asked me to say my full name and address I did. Then he ask me the following:
1. Please DL and SSN?
2. Did you read and sign your petition?
3. Do you have reason to file a lawsuit against anyone?
4. Do you own any expense it jewelry?
5. Are you waiting for a settlement or any inheritance any time soon?
6. Does anyone owe you money? Are you owed a tax refund?
7. Have you sold or transferred anything in the last year?
8. Have you operated or had any interest in a business within the last two years?
9. Do you own any property or owe anyone a debt that was not listed in your bankruptcy?
10. Have you paid money to friends or family members in the last year?

I have a car (Mitsubishi Eclipse 2001) that I'm still making payments on and also have reaffirmed the car, I'm keeping the car. So, he ask me to sent him a copy of the registration, insurance card and statement of how much I owe on the car (I had equity on my car). He said to sent him that information in 10 days and he would let me know how much I have to pay him. I already have the copies for him and I would be sending them tomorrow. Meeting lasted it no more than 5 minutes. Well, now other than that I just need to wait, oh, btw no creditor showed up. I will keep posting for updates on my case and to share my bk experience with everyone that is going thru this. Once again I would like to thank everyone, reading this and others forums has help me so much. I know I have a long trail, but littler by littler I'll get there. I'm sure I'll be back for questions and advises from all of you, thanks for being there for us that are going thru this. It is not an easy thing to do and I know you guys understand that. Looking forward to a new begining

Thank you all for the great help

[egul105]

pay the trustee?

I'm confused. You said you filed 7 right? What did you mean when you said the trustee would let you know how much you had to pay him?

[Mysocalledlyf]

First, I have to say you are freakin lucky b/c you have my dream car! I want one really bad and Ive been trying to find one for really cheap, of course a used older model(they're really expensive), but I cant with the whole BK thing...Im not giving up though! How much was yours? But did you mean that the trustee wanted to know how much you had to pay your lender? Im assuming that's what you meant by paying "him"?

[skincomplicity]

I think you mean since you have equity , the trustee wants some of it? If it is more than what is exempt? But even that doesn't make since, you would have to sell the car? Some clarity would help.

[StaciMM]

It is possible to have equity over the state's exemption, and be able to pay the difference to the trustee rather than giving up the vehicle. (THat is better for the trustee-less hassle.) You can probably work out payment arrangements on it.

Lets say you owe $5000, your car is worth $7500 and your state only allows $1000 in vehicle exemption. You would owe the trustee $1500 ($7500-$5000-$1000) or the trustee could take your vehicle & sell it. But if he were to do that, he would probably have to pay someone to handle the transaction, and pay off the lender, and pay you your exemption before he got any $$.

[Risi0457]

Hello everyone, StaciMM you're right on the money that's exactly what's going on with my car. I'm sorry I didn't explain better. Yes, I have equity on my car I owe $2100 but the market value is $7000, Fl exempt is a $1000 minus $2100 that I owe is $3900 that's what I have to pay the trustee. He told me that he would give me 10 month to pay it off. But when I spoke to my lawyer he told me that he might be able to bring the amount down if I could pay it in 60 days I don't know how much down of $3900 he could bring it, if I'm not mistaking I think he said I could probably pay only $2500, I would have to asking him. Mysocalledlyf, when I bought the car in 2000 it cost me $20,000 and I took it for 5 years, let me tell you this is the most expensive car I have ever had because boy I am paying for it big time. Never again I'll do something like that, I learned my lesson with all this. However, I do love my car and I think is worth every penny. I just hope my car appreciate
me Mysocalledlyf don't give up, you would get it, all in good time!!!!!