341 meeting was today

[cookie07]

Dear lord that was nerve wracking. All the things we thought the trustee was touch on he glossed right over.

He seemed to have a huge issue with the valuation that we put on my husbands share of a business he owns with his father and brother. He didn't seem to understand that it was not some huge corporation bringing large sums of money and has a lot of assets. He now wants the past 3 years tax returns which isn't an issue because I think they either showed a loss or made very little money. I'm hoping that this will end the confusion he had and will wrap up this whole thing.

We had one creditor show up but it was the bank that we have our camper through and they just wanted to know what our intentions were. Otherwise I am so relieved that is over I have been so stressed over this entire thing.

[AngelinaCat]

Welcome to the forum, and congratulations, at least in part on your 341.

It sounds like you are in the 60 Day Club. Now, lets hope that the tax returns will show the loss on the business part.

What happened with the camper?

[cookie07]

The attorney that showed up asked our intentions and we told him we would like to to keep it, so we told him we would reaffirm the loan. He asked how if we planned on catching up on the pass due amount and we told him yes. After the meeting he spoke with us and we asked if they could take the pass due amount and tack it on the back end so we can start current and keep up on the payments. It sounded like they would be willing to work with us as I'm sure they don't want to take it back and then sell it at a loss at auction. He said he would be in touch with our lawyer and let us know what the bank decided. If they want it back I tell them good luck trying to get it off our property without damaging the camper or the decking around it, it's going to be extremely difficult for them to move it.

I'm just glad that part is over, although the trustee said we may need to meet again, I'm assuming if the paperwork we have to send him doesn't answer his questions or clarify the value of the business. He was getting frustrated with way my husband was answering the questions but I don't think my husband was understanding what he was asking but the trustee wasn't wording it in a way that could be answered simply. The trustee asked about the tax returns but hubs doesn't deal with that my father-in-law does and keeps all the records so hubs would have no idea if there was a profit or loss for the pass three years and yes he should review them before they are filed but that end of the business is not his cup of tea.