341 in a CH11

[highlife]

Hello:
Anyone have any experience or suggestion for a 341 meeting in apersonal CH11 case? how does itdiffer from a 341 in a CH13? What types of additional questions, docs, etc can we expect? Anything to watch out for in the meeting? Will it be longer and more in depth?

[IamOld]

Hello highlife - may I ask - did you get "moved" into Ch 11 because you have too much unsecured for Ch 13???

And...may one ask how much the legal fees are...?

[highlife]

Yes, got "moved" from a 13. Ticky tack ruling interpretation on the debt. Legal fees are a lot, over $10K.

[IamOld]

Thanks highlife!!!!!!!!!!!!!!!!!!!...I don't mean to pry (and PM if you feel more comfortable) but spouse's 13 is pretty close to the limit, so I'm really really curious...what was interpreted thusly?

AND did your law firm allow you to put the 10k into the plan?

[highlife]

Too long to explain, but it was a first of its' kind interpretation (lucky me). Can not put $1ok into plan, must be paid up front.

[IamOld]

Lucky you! Good grief...10k up front...well, that's definitely not an option here!!!

Best of good luck my friend.

[sunshinepa]

So sorry to hear of your bad luck.

Hopefully some of the pros will chime in but I would think it would not really be that different from a 13 which is more relaxed thatn a 7. After all, you are going to pay back some of the debt, it's not like you are trying to discharge it all.

Good luck.

[despritfreya]

The Chapter 11 341 is no different. You are asked the same basic questions but they will be asked by an attorney with the UST’s office. The big difference is that before the 341 meeting you will have done the following:

1. Closed all personal bank accounts (you may be able to keep a small one open. . . depends upon how your district handles things).

2. Open your Debtor-In-Possession account using one of the authorized banks (you will get a list of them).

3. Put together and deliver to the analyst assigned to your case a bunch of documents including the UST’s questionnaire, tax returns, bank statements, evidence of insurance on any asset you have that requires insurance (autos, home etc.).

4. Add to your insurance policies (auto, home etc.) the UST as a “certificate holder” for notice purposes.

AND, most importantly, (assuming your district handles things like mine)

meet with the analyst assigned to your case at the IDI (Initial Debtor Interview) meeting. This meeting is set up for you to go over with a representative of your boss (the UST) what you, as a trustee, are required to do - mainly filling out monthly operating reports correctly and paying quarterly fees. This meeting will last about an hour.

All of this should happen before you go to the 341 therefore, by the time you go to the 341 the attorney who asks the basic questions probably won’t have any out of the ordinary.

Des.