341 today

[fireworks]

It's finally here!

I looked back at my posting stats on the forum to see the timeline:

8/4/08 I was apparently thinking about it - posted here asking questions
1/30/09 I announced the closing of my store
2/11/09 retained my attorney
2/28/09 finished moving out of my storefront into a storage unit
...spent almost a year getting taxes and accounting done, filling out paperwork, meeting with the lawyer. It was a crazy year that included a new job and a family member's wedding out of the country (paid for the whole trip in CASH!) and countless calls and letters from creditors
2/5/10 had final review and signing meeting the the attorney
2/10/10 (364 days after retaining my attorney) my petitions were filed with the court
3/5/10 (that's today!) is the 341 meeting. We're leaving in 30 minutes.

From emailing with the trustee and talking with the lawyer I expect the hearing regarding our personal petition to be smooth and easy. Yes I read it, yes I signed, were good to go. The only issue is our 2009 tax return - the CPA hasn't yet finished it, so we'll have to submit it to the trustee at a later date.

The hearing about the business might be more complicated. We have some accounts receivable in there (customers who flew the coop without paying), a lawsuit against a customer that we won but haven't been able to collect on (also flew the coop with $1500 of merchandise) and a few creditors who might decide to show (a somewhat local supplier and our landlord).

Both meetings are in the same place with the same trustee, one at 2:00 and one at 2:15. If all goes really smooth we'll be out by 2:30. I'd be happy if we're out by 3 - I took the day off work but they need me tonight at 6.

If all goes well, I join the 60 day club this afternoon!

[Whittier]

Good luck, will keep my finger crossed for you....keep us posted

[fireworks]

.....and we're done.

We listened to a few cases ahead of ours. Most went very smoothly including one pro se filer who was apparently very well prepared. The only one with a problem was two guys who had a corporation and are now running the same business under the same name, just without the "incorporated." The trustee was very confused about what assets were there, what belonged to the corp, what belonged to them personally. Both men seemed a bit slow and didn't really understand the questions. The trustee asked for their QuickBooks file on a CD before he would close their case.

Ours was quick and easy. Trustee asked a few questions about our current jobs, had us state our names and addresses, did we read the forms, was everything listed, standard stuff. He stated on the record that he would declare the case "no asset."

Then we started over again for the LLC case, stated our names, he asked for information about what the business did and what kind of assets we had. I explained that we sold everything in the store closing and have nothing left from the store except the accounts receivable. He asked what the chances were of collecting on the past-due accounts receivable, I told him I have tried and gotten nowhere but he was welcome to. We have a few long-term contracts that are still active and customers are paying every month (less than $150 monthly income) that he wanted details about. When he learned that the total of the contracts was worth maybe $2000-2500 over the next 18 months he had no interest. I handed him the checks that I have received recently for those contracts, but at the end of the meeting he handed them back to me and stated (on the record) that he was abandoning the assets and would declare a no-asset case for the LLC as well.

So, much ado about nothing! We spent months and many late nights preparing, pulling out paperwork etc etc. I had a stack of paperwork a foot thick at the meeting, none of which he asked for. I can finally put away the file boxes and get my house back to rights. We have to do the second counseling session and submit our 2009 tax return to the trustee when it's ready. 60 days here I come!

[justbroke]

Welcome to the 60 day club!

[Whittier]

Congratulations. I'm sure the fact that you had all your paperwork helped. The trustee probably figured you were too ready and organized and didn't want to waste his/her time. And it probably helped that you have copies of the checks from your customer