Another 341 Report

[mynameainttracy]

Well, we had our 341 today. The biggest observation that I made is that there are some lousy attorneys here who let their clients make it to the meeting lacking a substantial amount of the documents that are required. I am very glad that we picked one who did a ton of these and was very thorough in writing plans.

We were one of the last cases of the day and I was very nervous. We had to inform the trustee that my husband had changed jobs since we filed. He asked who his new employer is and then just kept going and he isn't requiring us to file revised schedules. Also, we discussed an objection that BofA filed on our car and he told our attorney to call their attny and tell her that the trustee has accepted our plan and ask her if she really wants to waste her time and their money fighting something that they still wouldn't win. When we got home I checked Pacer and the BofA attny has filed a hearing request so we will have to wait to see what really happens.

Overall it was a big relief to get this out of the way and I hope I never end up in there again.

[AngelinaCat]

Hi. Welcome to the Forum. I am glad your 341 went well. Sounds like BOA is being a *putz*. Please keep us posted as to the BOA situation.

Good luck to you and your DH!!

[liz417]

Hi Ain't Tracy,

Congrats on you 341 going so well. If you don't mind, would you post the details? How much, how long? Kept house and cars, etc? It would really help us newbies who haven't filed yet...

Thanks and Congrats again!!!

P.S. I'm worried that BofA with be a thorn in our side too; we did quite a few cash advanced and balance transfers on 2 of their cards we had less than a year (we didn't know at the time we were going to file BK).

[13bound]

Well, we had our 341 today. The biggest observation that I made is that there are some lousy attorneys here who let their clients make it to the meeting lacking a substantial amount of the documents that are required. I am very glad that we picked one who did a ton of these and was very thorough in writing plans.

i find that kind of funny. i have a letter from my trustee telling me what to bring. if i don't bring what he says, it sure as hell isn't my attorney's fault.

[Dennis1971]

P.S. I'm worried that BofA with be a thorn in our side too; we did quite a few cash advanced and balance transfers on 2 of their cards we had less than a year (we didn't know at the time we were going to file BK).

We were really worried too about BOA! We just had our 341 last week and so far haven't heard anything from them. Our 341 went through fine. We consolidated some of our CC's this past August. We got the money in September and paid off other CC's. We faithfully paid the payments up until May of this year, till we filed for bk. I've read where CC companies get upset when people transfer or consolidate debts then turn around and file bk against them. Sorta like they were the ones holding the hot potato.
Our loan was for a little over $30,000! So hopefully they will leave you alone and everything will go through fine!
Good Luck

[mynameainttracy]

We left one car and our house outside of the plan. We filed on my husbands taxes for 2007 and on $70k of cc's. We were over the median income by about $50k.

We also included a new car that we bought two months before we filed 13. We were previously in a lease that had 13 months left on it and we were over the miles by quite a bit, so we were fearful of what we would have to deal with when the lease ended. We had no intentions of including the car in our plan, however our attorney wanted us to include it so that we wouldn't have to pay the negative equity that we had rolled into the loan. Basically we would only pay for what the car cost, and not the overage we rolled in or the gap insurance we got. We didn't feel right about it, but he convinced us by giving us a spill about how we needed to look out for ourselves and that if we were going to go through bk that we needed to do everything we could to alleviate any debts or holes we had gotten ourselves into.

On Friday, Bank of America filed an objection to plan confirmation, an objection to valuation of collateral and a notice of appearance. I did some research over the weekend on our judge and he has written several opinions and sided favorably for the debtor in all cases that resemble what we are trying to do with the car, which was evident in our trustees remarks in our 341.

And what I meant about the attny's...our attorney wouldn't even file our bk petition until we had given them all the required tax returns, etc.

I didn't find this forum until after I filed and I am glad I finally did. It has been a great source of education and I felt extremely prepared for what to expect, unfortunately that didn't help with my nerves and I was mentally exhausted by the time we finally got out of there.

[oldrocker]

Glad to hear that everything went well for you. Congratulations. The biggest suprise to me at my 341 was how many people didn't show up. And your attorney was right, if you're taking the drastic step of BK and what it's going to do to your life it's only fair to take advantage of all the protection that BK gives you.

[mynameainttracy]

oldrocker we have the same trustee. That morning speaker is really good at what he does and he made the 2.5 hours tolerable. Also, I really liked the trustee. He seemed very thorough but fair and lucky for us, I don't think he is going to try and grab every extra dollar we make over the next 4-5 years.

Out of the 61 cases for the day probably about 15 did not show up.