Hi folks,
I finally had my 341 meeting and it ran very smoothly. I am a time freak, so I got there a whole hour early to watch other people and see how things went. I took duplicates of all of my paperwork in case I was asked for any of it.
The meeting room was not intimidating. I was expecting a courtroom with a judge for some reason. It was more like a giant table with a court reporter and the trustee and everyone waited in little desks.
There were literally people from all walks of life in that room. It really made me think a lot. There were people you could tell were (or had been) wealthy and people who were basically destitute. There were very healthy-looking people and people who looked very bad physically--legitimate illnesses. But it struck me that we were there for all the same reason: we just couldn't make it anymore.
The trustee was an extremely friendly person. Very to-the-point, but not intimidating. The thing I kept repeating over and over is "You have been honest, you have nothing to fear". I did not see anyone get into hot water except a couple who did not have adequate documentation for a very large cash advance or cash loan, I'm not sure) that had to do with their business that had failed (where all the money had gone...there were ATM withdrawals that were large and unaccounted for).
For most people it was just a matter of stating their name and a list of about 5 or 6 questions. Most, like me, were no asset cases. I really did not note any exceptional cases. I was surprised, even though I have read it over and over, that creditors did not show up. I expected to see at least a few. One couple had 500k of unsecured debt and still no creditors. I saw some questionable folks in suits that "looked like creditors" (what does a creditor "look like" ?)
but they all turned out to be attorneys.
When my time was called I went up and the trustee was exceptionally kind. I was extremely well prepared and sent in a very thorough and complete packet to the trustee's office. I will swear until my last day that this is a MUST for everyone...don't hide things, send what they ask for, EXACTLY as they ask for it. My attorney, very nice lady, was present with me, and every single question was fair and reasonable (no curve balls). The meeting took less than 5 minutes. I left feeling like I had a lot of weight off of my shoulders.
So I guess I am now part of the 60 day club?
My advice to others about their 341: Take it seriously because it is serious business, but try not to let it drive you crazy. You are basically just marking time. If you have been honest and have nothing to hide, you should be fine.
There is no shame in bankruptcy if you did your best to repay. I did. I would also advise that it helps TREMENDOUSLY if you have not charged on the cards for a very long time (if possible, of course) and even had reduced payment plans with the companies. At that point, what can they really say?
I never intended to ever file bankruptcy, I paid diligently for years and years, but should have filed at least five years ago. I was fooling myself to think I would ever get it paid off but I was terrified of the stigma of bankruptcy. So I paid and paid and never got ANYWHERE. Just when I would pay a card down $800 a $600 emergency bill of some sort would jack it right back up...it was a vicious cycle that I only now believe was destined to end right where I am....bankruptcy. But, ultimately, I have learned so much and it is a good thing. Or good that we have this option in a dire time of need, I mean....
One final side note: a friend of mine's college-age son was recently "caught" by his parents by having a credit card on the "side" and charged $800 in one week on drinks for friends. This is a beef I have because it happened to me and now I am 42 freaking years old. Why are they giving credit to college students on their "futures"? Students that don't even have jobs yet? What they are doing is trapping them at a very vulnerable age and though, yes, the kids don't HAVE to charge, but many will, and begin a vicious cycle of debt and robbing Peter to pay Paul that will last for many years to come. To me, that is PREDATORY and one reason we are now in the shape we are in (an I should no, I was a part of it too). (End of rant).
Good luck to everyone and it is great to be in the 60 day club!!!
I finally had my 341 meeting and it ran very smoothly. I am a time freak, so I got there a whole hour early to watch other people and see how things went. I took duplicates of all of my paperwork in case I was asked for any of it.
The meeting room was not intimidating. I was expecting a courtroom with a judge for some reason. It was more like a giant table with a court reporter and the trustee and everyone waited in little desks.
There were literally people from all walks of life in that room. It really made me think a lot. There were people you could tell were (or had been) wealthy and people who were basically destitute. There were very healthy-looking people and people who looked very bad physically--legitimate illnesses. But it struck me that we were there for all the same reason: we just couldn't make it anymore.
The trustee was an extremely friendly person. Very to-the-point, but not intimidating. The thing I kept repeating over and over is "You have been honest, you have nothing to fear". I did not see anyone get into hot water except a couple who did not have adequate documentation for a very large cash advance or cash loan, I'm not sure) that had to do with their business that had failed (where all the money had gone...there were ATM withdrawals that were large and unaccounted for).
For most people it was just a matter of stating their name and a list of about 5 or 6 questions. Most, like me, were no asset cases. I really did not note any exceptional cases. I was surprised, even though I have read it over and over, that creditors did not show up. I expected to see at least a few. One couple had 500k of unsecured debt and still no creditors. I saw some questionable folks in suits that "looked like creditors" (what does a creditor "look like" ?)
but they all turned out to be attorneys.When my time was called I went up and the trustee was exceptionally kind. I was extremely well prepared and sent in a very thorough and complete packet to the trustee's office. I will swear until my last day that this is a MUST for everyone...don't hide things, send what they ask for, EXACTLY as they ask for it. My attorney, very nice lady, was present with me, and every single question was fair and reasonable (no curve balls). The meeting took less than 5 minutes. I left feeling like I had a lot of weight off of my shoulders.
So I guess I am now part of the 60 day club?
My advice to others about their 341: Take it seriously because it is serious business, but try not to let it drive you crazy. You are basically just marking time. If you have been honest and have nothing to hide, you should be fine.
There is no shame in bankruptcy if you did your best to repay. I did. I would also advise that it helps TREMENDOUSLY if you have not charged on the cards for a very long time (if possible, of course) and even had reduced payment plans with the companies. At that point, what can they really say?
I never intended to ever file bankruptcy, I paid diligently for years and years, but should have filed at least five years ago. I was fooling myself to think I would ever get it paid off but I was terrified of the stigma of bankruptcy. So I paid and paid and never got ANYWHERE. Just when I would pay a card down $800 a $600 emergency bill of some sort would jack it right back up...it was a vicious cycle that I only now believe was destined to end right where I am....bankruptcy. But, ultimately, I have learned so much and it is a good thing. Or good that we have this option in a dire time of need, I mean....
One final side note: a friend of mine's college-age son was recently "caught" by his parents by having a credit card on the "side" and charged $800 in one week on drinks for friends. This is a beef I have because it happened to me and now I am 42 freaking years old. Why are they giving credit to college students on their "futures"? Students that don't even have jobs yet? What they are doing is trapping them at a very vulnerable age and though, yes, the kids don't HAVE to charge, but many will, and begin a vicious cycle of debt and robbing Peter to pay Paul that will last for many years to come. To me, that is PREDATORY and one reason we are now in the shape we are in (an I should no, I was a part of it too). (End of rant).
Good luck to everyone and it is great to be in the 60 day club!!!
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