what happens after the 341 meeting?

[imdk2005]

My 341 meeting is tomorrow and I am a reck.
what happens after the 341 as long as it go's well? does one just sit and wait the 60days to see if any creditors object or will the trustee continue to review the case for the next 60 days as well Thanks for all feed back.

[oldbaddebts]

Unless the Trustee requests documentation from you, after your 341 you will need to file your Post Filing counseling certificate if you haven't already. Then, mark 60 days from the 341 on your calender and go about your life, but watch the mail in case any problems arise. If you have a PACER account, keep an eye on it every week or so. After the 60 days, start watching for a Discharge to be filed. If it takes longer, don't stress it. No news is good news.

Essentially, once the 341 is done, the case is just waiting for the days to go by.

[Exployer1234]

The 341 meeting really is not stressful. I know it may seem like a lot of stress, but it will be 5-10 min tops normally. Normally the trustee will ask some basic questions and either continue your case for review or say "no asset" believe me everyone is a nervous wreck going into this and after the 341 meeting you will feel much better!

[imdk2005]

341 is over

had our 341 today it seemed to go very smooth... We are now part of the 60 day club....

[imdk2005]

Chapter 7 Trustee's Report of No Distribution

Just received an email from my laywer 2 daus after my 341 meeting stating the following
Chapter 7 Trustee's Report of No Distribution: I, xxxx.xxxx, having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. I am reading this as a very good sign and now all I should have to do is sit back and wait on weather a creditor objects to anything... Am I correct? all feed back welcome.

[RobGee]

Just received an email from my laywer 2 daus after my 341 meeting stating the following
Chapter 7 Trustee's Report of No Distribution: I, xxxx.xxxx, having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. I am reading this as a very good sign and now all I should have to do is sit back and wait on weather a creditor objects to anything... Am I correct? all feed back welcome.

You are correct just sit back and relax. 99% of the time the creditors will not file anything just because they won't get anything anyways in your no asset case. It would be a waste of time and money for them. Hope this helps!

[imdk2005]

yeah!!! that sounds great! one more question? I am keeping my house, I'm not behind but am under by 40,000 of the house worth. I would like to work with the bank on a modification to lower the monthly home equity loans as I have two and if they don't grant one and I don't find a Job in the next 5 or 6 months this could become a problem due to funds running out. could I walk away from home at that point? I did not reaffirm and I am current on all payments never missed one to date.

[RobGee]

You can walk away from the home at any point during the bankruptcy or after as long as you have received a discharge. All of the debts are being discharged which means there is no personal liability from you (including the first and second mortgage) If you do choose to walk away simply stop paying and save the money you would use to pay the mortgage and let the house go into foreclosure. The debts will have been already discharged so they can't sue or demand payments. Hope this helps.

[energy]

What happens if you say you reaffirm but you don't reaffirm can one walk away also? like in 6 -12 months?

[RobGee]

What happens if you say you reaffirm but you don't reaffirm can one walk away also? like in 6 -12 months?

It's not likely that a mortgage company sends out reaffirmation agreements. The only reaffirmation agreements i've seen are for vehicles and small electronic secured items such as a laptop or furniture. If you SIGN a reaffirmation agreement for a vehicle and 6 or 12 months down the road you cannot just simply walk away. They can take the car back and file a suit against you and demand payment. If your talking about the petition on the statement of intention where it says to retain, reaffirm, or surrender. You can choose any and if your mind changes thats fine. You can walk away from the house if you chose reaffirm. As long as you don't sign any paperwork asking you to reaffirm the debt then you can walk away from anything. I hope this helps and wasn't too confusing. Just PM me if you have any more questions.

Robert