341 Meeting in Illinois

[relieved]

I just had my 341 Meeting today in Illinois. We filed 09/01 (no asset case). We were very first this morning & extremely nervous. It went well. All of 3 minutes. Lawyer said basically nothing. No creditors showed up. We had maybe a dozen questions.

We were informed however (Law office told us of this possibility due to change in laws & wanting to crack down & such) not to cash our 2005 refund. We are to file our taxes & get a copy to our trustee thru lawyer, and then wait to receive check & take to lawyer also. Trustee will then check how much exemption we have left, apply it if possible, then take 8 months of it to disburse among our 9 creditors. Last year we got $3300 fed & $170 state. I am under the impression though that he will take out the child tax credit & any earned income credit.....not 100% on that though. Anyways at best they can take around 2300 which disbursed will be around $250/creditor. Sounds like a lot of work for no more money than it is. Especially compared to the amount total of $36,000 up for discharge. Kinda annoys me as from what I understand the trustees around here hardly used to ever ask about the refunds yet to come, but seems a small price to pay to get rid of the 36,000 black cloud.

I feel some better, though am still anxious & will be for some time (taxes filed & refunds received) & of course 60 days for objections. I am not sure when we will discharge (if it will still be 12/27) or if it all waits on the refund deal to finish (or if it just doesn't close until then). Just wanted to share with everyone as I have periodically checked on here for info. Thanks everyone.

[pink_amulet]

Did you have your 341 in down town Chicago?
I'm in NWsub (in Kane county) (not Cook) so we get to Geneva for our 341 on Monday.
I talked to our lawyer and said the trustee will make his decision to take the tax refund at the 341. If OUR trustee wants the refund we still have the $2000 Illinois wild card exception to use. We also will know how much we will be able to keep by our discharge date. The time between the 341 and discharge (60-90 days) is the time exemptions and such are figured out. Last year we got back $6000, but $1500 was earned income which we will not get this year, we will be slightly over the cut off.
We have over 30 creditors ...so I'd like to see them split the little difference to all those creditors, It will be a tease...LOL
In Illinois they trustee can NOT take earned income tax and the child tax credit. As for when the case is closed I'm not sure? I have been told the trustee can reopen the case up to a year, so I guess even if the case closes, people can't spend for a year, in the chance the trustee reopens it?

Glad to hear your 341 went well. Ours is Monday!!!

good luck

Pink-amulet

[relieved]

Update

Just thought I would write an update.....Filed Chap. 7 09/01/05. Had our meeting on 10/26/05(Southern IL District). Said he wants our tax return.

So it was supposed to be done 12/27/05. With the tax return pending I figured that was changed because the last day for objections was changed to 02/03/06. So get the mail the other day & dated 01/04/06 was our notification of discharge signed off by the Judge. So I called the voice info system & it said discharged 01/04/06, last objections 02/03/06, & awaiting closing.

So now once we get all our tax stuff, we will file (probably the beginning of Feb.) & get the check. Turn it over to the Trustee to disburse & give us back 4/12ths & EIC & Child Tax. Then I guess it will close. I hope it all goes off without a hitch & that the refunds will get here quickly in paper form.

Thank you for all your information & experiences on here.

[bkfiler]

glad you are relieved! whoo hoo! good feeling isnt it!