341 is a wrap! Tips for a successful 341

[Denart]

At he 341 meeting what is the ryme and reason of who is called first. Alphabrtically (last nme) or case number. Last name here starts with an A. I would hope to observe first before, rather than called first.

[viking64]

I think it depends. For my 341, it was alphabetical by lawyer.

Each set up is also different. Sometimes 341s are held in breakout rooms, with folks waiting in a central waiting room. Other times they are in one large room, like mine was in NJ. Think chairs for "audience" with a head table up front for the trustee and the attorney and debtor.

They are public, so you can see them in advance. Chances are, they'll be running behind, or else just show up early. You should be able to see a few regardless of when you're called for your time slot, as long as you show up early.

[oloffredo]

okay so today i walk in from work and i have a letter from our attorney for us to call him attached to his letter a letter from an attorneys office for best buy so in this letter it says that their client holds a purchcase money security interest in sonsumer goods they give us 3 options 1. debtor to reaffirm 2. debtor will make cash redemtpion for lump sum and 3. debtor will surrender the collateral....i'm so stressed out has anyone every been in this situation??? i already had my creditors meeting..please help

[Meatstick]

I would respond and tell them to come pick their garbage up !


Meatstick

[BobMango]

I agree with Meatstick, tell them to come pick it up. Chances are they are bluffing, hoping you'll just roll over and pay. If they do come get it, well prices are coming down every day. You can probably get better stuff cheaper now. Consider it an opportunity to upgrade!

[oloffredo]

So i spoke with my attorney and he pretty much said the same so I filled out the paper and sent it.. Hope all goes well. Thanks for responding..

[JJ888]

I will have my 341 meeting on Tuesday. Is there a possiblity that the Trustee will ask for our 2009 tax return before discharge? or any documents?

[Meatstick]

If you haven't filed yet I am sure the TT will demand you furnish him your return and he will decide how much if any you will get to keep. If you have already filed and received I hope you were able to spend it down or exempt it.

[buttercup]

At he 341 meeting what is the ryme and reason of who is called first. Alphabrtically (last nme) or case number. Last name here starts with an A. I would hope to observe first before, rather than called first.

At my 341, people were called in sequential order of their case numbers. So, in numerical order by case number.

[buttercup]

I will have my 341 meeting on Tuesday. Is there a possiblity that the Trustee will ask for our 2009 tax return before discharge? or any documents?

YES--in my case. That's the only return that my trustee was interested in. I filed for BK in December 2009, and he asked for "my most recent tax return," which was my 2009 return, which I filed on January 5th. That's the only one he wanted to see. Still, I had the 2008 and 2007 Income Tax returns (state and fed) in my folder at the 341, just in case he wanted to see them, too. I didn't want anything to hold up my discharge.

[JJ888]

YES--in my case. That's the only return that my trustee was interested in. I filed for BK in December 2009, and he asked for "my most recent tax return," which was my 2009 return, which I filed on January 5th. That's the only one he wanted to see. Still, I had the 2008 and 2007 Income Tax returns (state and fed) in my folder at the 341, just in case he wanted to see them, too. I didn't want anything to hold up my discharge.

I haven't filed my 2009 yet. Still waiting for my wife's W-2 and Mortgage Interest Documents. Does this mean if I get a refund, the Trustee will take it?? or the tax return is just for information purpose only for the Trustee.

[lrprn]

Does this mean if I get a refund, the Trustee will take it?? or the tax return is just for information purpose only for the Trustee.

The answer depends on your local bk court's practices and customs.

If your tax returns show that during the last few years you've received some big tax refunds (typically over $1K), many trustees will take whatever part of your tax refund you can't protect with your state exemptions.

Other trustees don't care about tax refunds and leave them alone no matter what your past refunds have been. There's no consistency across the country about this.

If you filed with a lawyer, ask what to expect to happen to your 2009 tax refund (if you get one) after you file.

One option is to wait to file until after you get your refund, then spend down your refund to what can be protected *before* filing on legitimate living expenses. Ask your lawyer if this makes sense in your personal situation or not.

[vxbabi]

How long does a 341 meeting take and what are the common questions the trustee asks? I am new to this forum so please bear with me. We received over $5,000 in tax refunds every year and in 2009 expect to receive the same amount, what will happen to this refund? Will the Trustee seize it or what can we do to keep it?

[mtbc]

The trustee may well grab it unless your exemptions give you enough room to exempt that much cash. (Or, just some of it, if you can only exempt some.)

Most 341 meetings only take several minutes, but they sometimes can go much longer, especially if the trustee smells some ability to get more money out of your estate. They can also be continued, so that you have another meeting a couple of weeks later or suchlike, to give you time to find documentation that they asked for, or to file some amendment that seems indicated, or whatever.

[worriedmom]

Looking for a good BK lawyer in Tucson...