Back from 341, after making bail for BK fraud....

[badkarma]

GL! Thanks for the 341 story. Love to read them it helps put my mind at ease when it's my turn in the future (hoping Nov)

[killinstinct]

Glad to hear your 341 went smooth! Hopefully in a couple weeks I'll be able to report a smooth one as well.

Working up to realizing I needed to file was THE WORST part for me so far, for what it's worth. I put myself through sheer hell. Since filing, it's been a downhill ride.....

Hang in there....better times ahead!

[debtBgone]

Glad to hear your 341 went smooth! Hopefully in a couple weeks I'll be able to report a smooth one as well.

[killinstinct]

I think you are fine. My case is different as there is still equity in the house (exempt) and the IRAS (exempt) and those belong to the BK estate until closing, then they are mine again to do with as I please.

Yeah, that makes sense. We are waaaay underwater in our house (by about $70 grand) which was one of the big reasons for BK in the first place. We were trying for short sale, but obviously that didn't happen (usually doesn't). So now apparently the TT wants to try and sell it, like I said before, good luck! Negative equity....

[want2save]

I think you are fine. My case is different as there is still equity in the house (exempt) and the IRAS (exempt) and those belong to the BK estate until closing, then they are mine again to do with as I please.

[killinstinct]

According to my attorney, the exempt assets of the chapter 7 debtor are not returned until the distribution report is filed (around closing time). In my case this is my home and my IRAS so I am unable to do anything with either until close. If I do, those exempt items become non exempt and can be taken. If you are a no asset case you are correct, it makes no difference, just administrative.

Well, we're out and we're surrendering the home. I noticed that it was checked as 'exempt' on our schedules, but I don't know. I guess we'll talk to our atty next week, but in the practical sense it appears that we're done. Our attorney said our closing may be delayed a bit with the house, but it doesn't affect the BK on our end in any way? I will ask for clarification.

[want2save]

According to my attorney, the exempt assets of the chapter 7 debtor are not returned until the distribution report is filed (around closing time). In my case this is my home and my IRAS so I am unable to do anything with either until close. If I do, those exempt items become non exempt and can be taken. If you are a no asset case you are correct, it makes no difference, just administrative.

[killinstinct]

One question....won't you get your discharge after 60 days and then the hold up with the sale of your house will delay the closing of the BK case? I expect (hope for) discharge on 9/18 but the close will be held up for the sale of a motor home.

I don't know...don't really care. Just glad to be out from underneath that mountain of debt!! Plus I'm told it's discharge that matters legally, not closing. Closing is just sort of an administrative matter.

[want2save]

One question....won't you get your discharge after 60 days and then the hold up with the sale of your house will delay the closing of the BK case? I expect (hope for) discharge on 9/18 but the close will be held up for the sale of a motor home.

[2manybills]

I would straighten anything out before the 341 just to insure smooth sailing, just my 2 cents. I work in the legal system, and I know that the stronger and 'cleaner' a case is up front, it just removes even the possibility of issues down the road. I would just address it now so you can say "NO" at the 341!!

killinstinct: congrats on a smooth 341! Welcome to the 60 Day Club.

I too work in the legal system and totally agree. I was overprepared. Even though my attorney said I didn't need copies of bank statements, etc., I had them in the car just in case.

[killinstinct]

Your title was just wrong....lol. Congrats on it going well. I hope our trustee only asks us a few questions.

Thanks advice please. I'm sure you'll do great! When is yours?

[adviceplease]

Your title was just wrong....lol. Congrats on it going well. I hope our trustee only asks us a few questions.

[killinstinct]

There was someone in my timeslot last week that couldn't even remember the make and year of the car they were exempting, or what state the car was in!

Needless to say they were continued......

I can't imagine. Why in the hell wouldn't you be overly prepared. I don't mean to be overly dramatic, but who the 0(**&^% would want to shell out additional atty $$ and stress over continuations or worse possible DISMISSAL!!!???? People never cease to amaze me.

[backtoschool]

I'll never know if it helped or not, but when we were called I walked up and set my HUGE stack of files on the table in front of the TT. It was as if I said "I have everything you could ever possibly question right here"...he didn't ask a thing. Maybe it helped, maybe not, but I sure felt great being prepared. No one else there was like that.

There was someone in my timeslot last week that couldn't even remember the make and year of the car they were exempting, or what state the car was in!

Needless to say they were continued......

[killinstinct]

I totally agree. I would also add to bring documentation. Even if you don't use it, you will feel more secure having it there with you. (you can hug it like a teddy bear or security blanket while you are waiting for your turn with the trustee. )

I'll never know if it helped or not, but when we were called I walked up and set my HUGE stack of files on the table in front of the TT. It was as if I said "I have everything you could ever possibly question right here"...he didn't ask a thing. Maybe it helped, maybe not, but I sure felt great being prepared. No one else there was like that.