Well I'm glad that is over with. We had our 341 meeting on 7/9/10 in Casa Grande, AZ. We originally filed in the Phoenix district, but they forced us to transfer our case to this district so our 341 was pushed back by 3 weeks. I think we are one of the first to go through this process brought on by the sheer volume of filings in the Phx district.
Anyway the day finally arrives. My wife and I meet up after I leave work early then we drive about an hour to this place that appears to be a hall for receptions and the like. Whatever, it was comfortable.
We arrived at 2:30 PM for our 3:30 PM scheduled meeting. We got to watch about 7-8 cases before ours. Online it said we would be the first of the 3:30 PM group, but it turned out we ended up being the very last ones for the day, not a problem.
The trustee was in a good mood, not rude or uptight at all. He joked with lawyers he knew now and then between cases. He asked everyone the same set of questions then asked a couple more case specific questions for most everyone. I will try to remember the questions:
1) He takes our ID's and SS cards, and swears us in individually.
2) Asks if we read, understood, and signed our petition?
3) Asks if we read and understood the bankruptcy information sheet he sent us?
4) Ask if we still live at the same address as when we filled?
5) Asked for a phone number stating that we could write it down if we like
6) Have you ever filled BKT before, if so when and where?
Actually he asked one person all the questions then said to the other, if I ask the same question to you would all the answers be the same. Everyone answered yes.
Our individual questions:
1) When did you open your son's 529 plan (education savings plan)?
Answer, (looking at wife for confirmation), shortly after his birth about 3 years ago. He said OK, 1997. Wife replied no actually 2007. He smiled and said oh yes.
2) What kind of 60" TV do you have?
Answer, rear projection bought about 3 years ago. He said, OK. He was hoping it was a plasma or LED as that would be a TV worth selling but ours was only about $1300 3 years ago. A 60" flat screen bought today could be (guessing) about $7000.
3) What kind of surround sound system do you have?
Answer, a 12 year old JVC receiver that I paid about $175 for. He did not ask about the speakers which cost quite a bit more but are also just as old.
4) He remarked that he would be checking zillow to confirm my estimate for the value of my land and MH. This is fine as the value was well with in the homestead exemption at the time of filing and has since dropped another $30,000 or so.
5) He did give our lawyer a warning. We have two cars we need to keep. Mine a 10 year old truck worth about $5500 or so and my wifes 2 year old car worth about $11,000. The exemption in AZ is $5000 per person (husband and wife). Since we owe about $10,800 on the wifes cars we only needed to use $200 of her exemption to keep her car. Then my lawyer tried to use the "excess" exemption left over from her car and apply it to the "overage" on my truck. The words the trustee used were this, " It will not be a problem in this case, but be warned, I do not allow this." So it looks like we are OK even though I was prepared to pay to keep my truck. My lawyer said that all trustees are different and this sometimes works and sometimes doesn't. I do not fault him for trying.
So I think we will be declared a (fingers crossed) no asset case, but the trustee did not say this to anyone that I heard. I will be checking pacer hourly
All in all I was very pleased as there were many thing he could have nitpicked on, (especially our 401K loan payback 4 moths prior to filing) but he didn't. I feel real good about this so far.
Not everyone had a good day though.
The worst was for people that were not even there. Their case must have been decided before hand but I guess he made these statements for the public record. He said the case for Mr. and Mrs. XXXX was dismissed and the case for Mr. and Mrs. OOOO was converted to CH 13. Our whole room was only CH 7's.
Other interesting notes:
For one couple they tried to claim workman's comp funds they earned in CA as exempt as their lawyer argued that these funds were earned in CA and they are exempt there. The trustee did not buy it and reminded them that they had filled in AZ, but he said if the lawyer could provided case law to support his argument he would review it, but he stated he did not think it was going to fly.
Another couple had their case continued all the way until next year! He said you two got very large tax returns for the past 2 years, do you think you will get one next year? They looked baffled but said no. He said well I think you will so I'm continuing your case until then. WOW, that would suk!
One guy, who had a lawyer, was really a space case. The trustee asked him if he got the letter that he had sent him requesting tax returns and other docs. The guy actually looked at him and said, who are you! The trustee told him then asked the lawyer if he had the documents but the lawyer knew nothing of the letter as his client never told him about it. The trustee tried to talk to the space case a couple more times asking if he got a letter. Mostly the guy just stared at him but once he said I got some letter about some class I guess I'm supposed to take. At that point the trustee suggested the lawyer go talk privately with his client. I do not know how this one ended up, but duh!
There were other minor interesting things but I can't type here all day (at work). Oh yeah another good thing for my case was the fact that trustee had to ask for an accounting of most everyone tax return, where they spent it. This was odd as he had asked for this in his letter. Well we were about the only ones he did not ask. I guess this is because I put together a detailed spreadsheet account for every penny.
Bottom line, like most people say it is not a big deal if your prepared. IF your not you might just be in for a bad day.
BTW - No creditor's were present. The trustee ended almost every interview with a very fast under his breath question to the audience asking if any creditors would like to question these debtors then, with out slowing down, he said thank you, you are dismissed.
Anyway the day finally arrives. My wife and I meet up after I leave work early then we drive about an hour to this place that appears to be a hall for receptions and the like. Whatever, it was comfortable.
We arrived at 2:30 PM for our 3:30 PM scheduled meeting. We got to watch about 7-8 cases before ours. Online it said we would be the first of the 3:30 PM group, but it turned out we ended up being the very last ones for the day, not a problem.
The trustee was in a good mood, not rude or uptight at all. He joked with lawyers he knew now and then between cases. He asked everyone the same set of questions then asked a couple more case specific questions for most everyone. I will try to remember the questions:
1) He takes our ID's and SS cards, and swears us in individually.
2) Asks if we read, understood, and signed our petition?
3) Asks if we read and understood the bankruptcy information sheet he sent us?
4) Ask if we still live at the same address as when we filled?
5) Asked for a phone number stating that we could write it down if we like
6) Have you ever filled BKT before, if so when and where?
Actually he asked one person all the questions then said to the other, if I ask the same question to you would all the answers be the same. Everyone answered yes.
Our individual questions:
1) When did you open your son's 529 plan (education savings plan)?
Answer, (looking at wife for confirmation), shortly after his birth about 3 years ago. He said OK, 1997. Wife replied no actually 2007. He smiled and said oh yes.
2) What kind of 60" TV do you have?
Answer, rear projection bought about 3 years ago. He said, OK. He was hoping it was a plasma or LED as that would be a TV worth selling but ours was only about $1300 3 years ago. A 60" flat screen bought today could be (guessing) about $7000.
3) What kind of surround sound system do you have?
Answer, a 12 year old JVC receiver that I paid about $175 for. He did not ask about the speakers which cost quite a bit more but are also just as old.
4) He remarked that he would be checking zillow to confirm my estimate for the value of my land and MH. This is fine as the value was well with in the homestead exemption at the time of filing and has since dropped another $30,000 or so.
5) He did give our lawyer a warning. We have two cars we need to keep. Mine a 10 year old truck worth about $5500 or so and my wifes 2 year old car worth about $11,000. The exemption in AZ is $5000 per person (husband and wife). Since we owe about $10,800 on the wifes cars we only needed to use $200 of her exemption to keep her car. Then my lawyer tried to use the "excess" exemption left over from her car and apply it to the "overage" on my truck. The words the trustee used were this, " It will not be a problem in this case, but be warned, I do not allow this." So it looks like we are OK even though I was prepared to pay to keep my truck. My lawyer said that all trustees are different and this sometimes works and sometimes doesn't. I do not fault him for trying.
So I think we will be declared a (fingers crossed) no asset case, but the trustee did not say this to anyone that I heard. I will be checking pacer hourly
All in all I was very pleased as there were many thing he could have nitpicked on, (especially our 401K loan payback 4 moths prior to filing) but he didn't. I feel real good about this so far.Not everyone had a good day though.
The worst was for people that were not even there. Their case must have been decided before hand but I guess he made these statements for the public record. He said the case for Mr. and Mrs. XXXX was dismissed and the case for Mr. and Mrs. OOOO was converted to CH 13. Our whole room was only CH 7's.
Other interesting notes:
For one couple they tried to claim workman's comp funds they earned in CA as exempt as their lawyer argued that these funds were earned in CA and they are exempt there. The trustee did not buy it and reminded them that they had filled in AZ, but he said if the lawyer could provided case law to support his argument he would review it, but he stated he did not think it was going to fly.
Another couple had their case continued all the way until next year! He said you two got very large tax returns for the past 2 years, do you think you will get one next year? They looked baffled but said no. He said well I think you will so I'm continuing your case until then. WOW, that would suk!
One guy, who had a lawyer, was really a space case. The trustee asked him if he got the letter that he had sent him requesting tax returns and other docs. The guy actually looked at him and said, who are you! The trustee told him then asked the lawyer if he had the documents but the lawyer knew nothing of the letter as his client never told him about it. The trustee tried to talk to the space case a couple more times asking if he got a letter. Mostly the guy just stared at him but once he said I got some letter about some class I guess I'm supposed to take. At that point the trustee suggested the lawyer go talk privately with his client. I do not know how this one ended up, but duh!
There were other minor interesting things but I can't type here all day (at work). Oh yeah another good thing for my case was the fact that trustee had to ask for an accounting of most everyone tax return, where they spent it. This was odd as he had asked for this in his letter. Well we were about the only ones he did not ask. I guess this is because I put together a detailed spreadsheet account for every penny.
Bottom line, like most people say it is not a big deal if your prepared. IF your not you might just be in for a bad day.
BTW - No creditor's were present. The trustee ended almost every interview with a very fast under his breath question to the audience asking if any creditors would like to question these debtors then, with out slowing down, he said thank you, you are dismissed.
Comment