Ch. 7 341 Today

[yoyoma51]

My wife and I (along with our crushing, massive debt) are off to our 341 today at 11:00.

Thanks for all the great advice we've received here!

[lrprn]

Hope things go well for you, yoyoma! We're all sending positive thoughts your way now and waiting anxiously to hear your report on how things went later today.

[yoyoma51]

Thanks for everyones help!

Our 341 was easy and it went great. Took 10 minutes. The US Trustee was a no-show (even given the size of our debt!). The trustee asked the normal questions right from the same list he asked everyone else. No more, no less.

Our lawyer (who is also a trustee) and our trustee spent 5 of the 10 minutes talking about the skiing in Michigan, as our lawyer drove back from his family ski trip for our 341.

He and the trustee are very good friends so there was a great, friendly vibe throughout the entire meeting.

Our lawyer turned in copies of several years taxes, 6 months paystubs, bank statements and business P & L's for the last 6 years. The trustee 'accused' him (in a teasing way) of trying to bury him in paperwork, so the trustee handed it all back to us and told us he had everything he needed and was not interested in this stuff.

Our attorney told us that our trustee feels comfortable in the fact we are not hiding anything (and we're not) even though our debt is so high. He also stated that although the US Trustee sent a letter requesting more info, he had communication with the US Trustee that there wasn't going to be a problem. It was just standard procedure.

[Ugh07]

glad it went well....was that 162k in credit card debt?

[Cassiopeia]

Wonderful news! Congratulations and welcome to the 60 day club!

[PaKettle]

I guess it CAN pay to have an attorney who is friends with the Trustee.

[yoyoma51]

Ugh07-

About $110k is credit card debt, the balance is unsecured credit lines for our small business.

PaKettle-

It can't hurt. Although it cost us several hundred dollars more for our attorney, we are feeling confident it was worth it.

I guess we'll find out in about 60 days!

PLEASE NOTE: I am not a lawyer. Bankruptcy may or may not be a best scenario for you. It depends on your situation. You may assume my advice is totally useless. Talk to an experienced bankruptcy attorney (or three) in your jurisdiction for legal advice.

[CATCHMEIFYOUCAN]

Awesome that things worked out with that amount of debt. I know I was on edge with 65k. When I converted to Ch7 I had another 341 meeting. The original Trustee was out sick and the Trustee in his place was a "kid," and ran the standard questions down, and I got all my paperwork back: stubs, taxes etc. So I was relieved.

Here's hoping your 60 days goes by in a flash!

Catchmeifyoucan

[gophermn]

Hey, glad it went smooth for you!! Time to relax and enjoy life

[rrockinggramma]

I think Michigan is a good state also to do a chapter 7 in. The trustee's are pretty cool about it all. Well as cool as they can be I guess. Our exemptions stink but the trustee's are ok. LOLOL

[Runnin on empty]

Congrats yoyoma! Here's to hoping you have a very nice day-early birthday present!

[yoyoma51]

Thanks for all the kind words!