ok guys I am new to all this have a few questions

[okra77]

My wife and I are both teachers and we have filed chapter 7 bk. We have our 341 meeting coming up the first week of october. And we have a few questions I am sure you guys can help us we appreciate all the help.

1. After the 341 meeting how long for the discharge?

2. After the 341 meeting can I purchase a vehicle at a in house financing place i lost mine in the bankruptcy.

3. Do payday loan people usually fight the bankruptcy?

4. what can i expect at the 341 meeting?


Thanks so much

[okra77]

I forgot one question i am surrendering a truck in the bankruptcy. Do i need to keep insurance on this truck until they come get it?

[TXskyblue]

Your discharge will be on the 61st calender day after your 341 meeting, unless someone objects.

You can purchase a vehicle the day after your 341 meeting but I would wait until the discharge.

Payday loans have atrocious interest rates because so many people default on them and so many discharge them in bankruptcy.

[okra77]

so if my court date is lets say for instance october 1 i can expect my discharge to be november 29?

[TheBajan]

so if my court date is lets say for instance october 1 i can expect my discharge to be november 29?

Actually, the 61rst day would be Dec 1rst.

[ccmisery]

The discharge date will be on your 341 notice, but mine was a few days past that date according to Pacer.

You won't be able to get any new credit after filing, actually it may be presumption of abuse if you attempt to do so, maybe someone can verify? I am sure I read this somewhere during my research? Post discharge, but for many people the APR is atrocious.

I bought a car prior to filing.

[bcohen]

1. In theory, the discharge is supposed to be granted on the 61st day after your 341 meeting. Even with no creditor objections, it can take longer. My 341 meeting was on June 18, and I still have not received the discharge papers (although maybe the electronic court records show that I am discharged).

2. You don't even have to wait that long, although I am sure that you would receive better terms and a lower interest rate if you wait until after discharge. In fact, within 72 hours of filing for bankruptcy, my mailbox began overflowing with offers from brand-name car dealers (eg Chevrolet, Ford, Toyota, etc) to "rebuild [my] credit" by buying a "pre-owned" car. Most of these offers made very clear that an open bankruptcy is ok, and that past repossession or surrendering my current vehicle in the course of bankruptcy would NOT be a problem. I would recommend that you wait until after discharge if possible, and then either save up enough money to buy a used car outright from a private seller, or if you must finance, deal ONLY with a brand-name car dealer--not one of those sleazy "buy here, pay here" places.

3. The only legal basis which a payday lender would have to object to discharge is if you took out the loan within 90 days of filing for bankruptcy. In that case, they could argue that you never intended to pay back the money. As long as you allow several months to elapse before you file, the chance of a payday lender (or really any lender for that matter) objecting is slim to none. FYI, if the payday lender is threatening to object to discharge under your state's bad check laws, that is an idle threat. A post-dated check presented to a payday lender is NOT treated as a NSF check under the laws of any state.

4. What will happen at the 341 meeting depends on how correctly and completely you filled out the petition and schedules, whether or not you have sufficient non-exempt assets to perk the trustee's attention, and whether or not you have any non-dischargeable debts or creditor objections. Assuming that you have filled out the petition and schedules properly, have little or no non-exempt assets (less than $1000 over the exemptions, depending on the trustee), and have no creditor objections, the 341 should be quick and painless. You will simply present your drivers' license and social security card, and the trustee will swear you in and ask if everything is correct and complete. He will likely also ask if/when you received and spent the current year's tax refund.

[okra77]

Lets say i bought a vehicle from an individual would that be illegal???
How do i know if objections have been filed?

[Drazil65]

Hi and welcome. The first thing I would suggest is that you read all the stickies here at the top of the page, wealth of info on the 341 hearing and what happens through discharge. Then read the other areas on this forum for information and suggestions on things like buying a vehicle or how to live on cash after chp 7 etc. Have you signed up with Pacer yet to follow your case? That would be a good way to find out if there are any objections filed or how your case is progressing, this will also show your discharge and close date.

We were able to get a new car about 6 months after discharge with a 6.5% interest rate for 4 yrs. You should not have any issues getting something as a previous poster stated you will get all kinds of offers in the mail. Good Luck!

[okra77]

ok i went through pacer and signed up I had to put in my debit card number a little leary about that. My attorney gave us a case number. And I am wanting to follow it and make sure everything goes smoothly. the lawyers offices keeps telling us that our case is simple I am just so ready to get this 341 meeting over with super stressed about it. I will feel much better when I get a 341 date.

[LadyInTheRed]

ok i went through pacer and signed up I had to put in my debit card number a little leary about that. My attorney gave us a case number. And I am wanting to follow it and make sure everything goes smoothly. the lawyers offices keeps telling us that our case is simple I am just so ready to get this 341 meeting over with super stressed about it. I will feel much better when I get a 341 date.

As already suggested, please read the 341 Meeting subforum. There are many stories of 341s and you will see that the majority go very smoothly. Most people walk out wondering why they worried so much.

[okra77]

yes I just hope ours goes smoothly and things go well.

[LadyInTheRed]

yes I just hope ours goes smoothly and things go well.

If your lawyer says your case is simple, it probably is. Review your petition and make sure everything is correct. Bring your ID and SS card. People with simple cases and correct petitions don't have problems at the 341.

[okra77]

here is the latest got my 341 date it is october 1st kind of excited it is that soon.

Have one concern our only vehicle is through gm americredit. I called them early in the process and informed them that we would be reaffirming the car well since then they have stopped sending me statements and when i log in to the website to make a payment I get a message that says. We are aware of your bankruptcy status and we are not attempting to collect a debt we desperately need our car we do not want to mess anything up.

[LadyInTheRed]

It is very common for creditors to stop sending statements and cut off online account access after you file BK. They do this to make sure nobody can claim they are violating the automatic stay against collection attempts. Don't worry, they can't repossess your car until the automatic stay is lifted which will probably be when you are discharged.

If you have the payment mailing address, send checks to that address being sure to include your account number so the payment can be credited correctly. If you don't have the address, call Americredit and ask to speak with their bankruptcy department. Tell them you would like to keep making payments and ask for the address.