So nervous.....

[Mgtobin]

I have my 341 meeting tomorrow and I'm so nervous. I have been reading the posts, forums and blogs on here& they have made me feel somewhat better. I only wish I had found this site sooner. So many questions. So many emotions.

[dmc-2008]

I have my 341 meeting tomorrow and I'm so nervous. I have been reading the posts, forums and blogs on here& they have made me feel somewhat better. I only wish I had found this site sooner. So many questions. So many emotions.

Ask away! Good luck

[LadyInTheRed]

You are probably on your way or at the meeting by now. Come back and tell us how it went and ask any qestions you have.

[Mgtobin]

Just wanted to leave a comment about how things went today. Just as others wrote on here, my own meeting lasted about 5 min. Answered the questions & that was it. Waiting & then listening to the trustee's speech to everyone took the better part of an hour. I'm still nervous. I don't know how this is all going to work out. What happens next? I still have a lot of questions & thoughts running thru my mind. I will definitely be a regular on this site from now on looking for answers, advice, suggestions and camaderie. Thanks

[TXskyblue]

What happens now is that you are in the 60 day club. Most likely, nothing at all will happen for 60 days and that is good. If there is an issue, your atty and/or the BK court will contact you.

It's a waiting game now. Breathe because it's going to take 60 days whether you fret about it or not.

[spidge]

Remember everyone involved wants you to succeed, so take a load off.

[AngelinaCat]

@TXskyblue, the OP put his post in the Chapter 13 area, so that may be what was filed. I agree, the posting about the 341 does read like a Chapter 7 341.

Welcome to the forum, Mgtobin! What Chapter did you file.

[LadyInTheRed]

Just wanted to leave a comment about how things went today. Just as others wrote on here, my own meeting lasted about 5 min. Answered the questions & that was it. Waiting & then listening to the trustee's speech to everyone took the better part of an hour. I'm still nervous. I don't know how this is all going to work out. What happens next? I still have a lot of questions & thoughts running thru my mind. I will definitely be a regular on this site from now on looking for answers, advice, suggestions and camaderie. Thanks

Try not to worry. The trustee may have questions and may haggle about your budget. Your attorney will work with you and the trustee to provide any information needed and will advocate for you to get your proposed plan confirmed. My plan was confirmed without any quesitons. Hopefully, yours will too. Just make sure to make your plan payments on time. If any issues come up, make sure you understand what is going on and the reasons for any changes to your plan. If you are confused about anything, ask us. In fact, if you have questions now that are making you anxious, we very well may be able to calm your nerves. Ask away!

[Mgtobin]

Thanks again for the encouraging words. I filed a Chapter 13 because of a loss of income(being underemployed) and tax issues. No real estate property involved. I do want to keep my vehicle. It didn't seem to be too complicated but I didn't realize how high the plan payment would be and now I am really stressing. What kind of issues can come up in the next 60 days? What if there is more money owed that wasn't listed? How did you all become so knowledgable about this?

[LadyInTheRed]

Thanks again for the encouraging words. I filed a Chapter 13 because of a loss of income(being underemployed) and tax issues. No real estate property involved. I do want to keep my vehicle. It didn't seem to be too complicated but I didn't realize how high the plan payment would be and now I am really stressing. What kind of issues can come up in the next 60 days? What if there is more money owed that wasn't listed? How did you all become so knowledgable about this?

Most of what I learned was from Bkforum and other internet sources, but mostly from BKforum. By the time I consulted with an attorney, I didn't really have any questions. I mostly just had him confirm what I had learned here. If you did not already have a good understanding of the process, your attorney should have explained it to you. Here's a good article on the process by a Chap 13 trustee: http://www.chapter13info.com/overview.html

If you did not list a debt and the creditor does not get notice of your BK petition, that debt will not be discharged in a Chap 13. So, you need to make absolutely sure all of your debts are listed. If you haven't already, check your credit report. It can be a good reminder of debts you may have forgotten. But, it also might not include all of your creditors. If in doubt, it is better to list a creditor that isn't really a creditor than to omit one. If you think you have forgotten a creditor, let your attorney know. Amending your petition to add a creditor is simple.

All of your disposable income must go to your plan payment. It shouldn't be easy, but it should leave you enough money to live off of when you are no longer paying on your dischargeable debt. For your plan to be feasible, you must show enough DMI to pay certain minimum amounts during your plan, if they apply. If you have any non exempt assets, your plan must pay to your unsecured creditors at least the value of your non-exempt assets. If you have any arrears on unsecured debt at the time you file, the arrears must be paid in your plan if you are keeping the asset (e.g., your car). Priority claims, like taxes or child support, must be paid off during the plan unless the creditor agrees otherwise. If any of these minimums apply to you, your expenses on Schedule J may have needed to be adjusted to create a large enough payment to make your plan feasible. If you don't understand how your payment was calculated, review your income and expenses on Schedules I and J. If you still don't understand, ask your attorney to go through it with you. Of course, you can also post your questions here with specific details and we will try to help you understand.

The 60 days is not a significant date in a Chap 13. That's the deadline in a Chap 7 for objections to discharge. In a Chap 13, creditors have 10 days after the 341 meeting or 25 days after they are served with a copy of the plan, whichever is later, to object to the plan. Creditors and the trustee have until 30 days after the 341 to object to your property exemptions. The trustee has 35 days after the 341 or 50 days after service of the plan to object to or make recommendations about the plan. The issue most likely to come up is that the trustee does not think your proposed plan payment is high enough because your income was understated or you expenses over stated. The trustee will either discuss this with your attorney or file an objection to confirmation. Your attorney and the trustee will then work to come to an agreement on an acceptable plan. If they don't come to an agreement, the judge will make the decision at a confirmation hearing. The timing of the confirmation hearing varies by court. In some courts, there isn't an actual hearing if nobody objects to the plan. My trustee recommended confirmation of my plan the day of the 341 and my plan was confirmed that day.

I hope that helps you understand the process a bit more.

[Pandora]

I notice you're in VA (as am I) what district did you have to file in? We're in the Western District...and our trustee was very nice and has been golden this entire time. We will be completed in March 2015

[Mgtobin]

I am in the Eastern part of Va. You're so close! That's great!!how did you do it?