341 tomorrow

[lifeistough]

I have posted a few times during our wonderful bankruptcy ordeal and the time has finally come for our 341 meeting tomorrow morning and I am so nervous. Our case is pretty straight forward but I am self employed (sole proprietor) and the main reason we have had to file bk is my business has had a decrease in income over the past 2 years. Needless to say, I am worried about what questions the trustee might ask me. Our attorney said that we didn't need to bring any information, just ss card, id, recent bank statements and copies of paystubs. I am going to bring a current profit and loss statement just in case.

We are very nervous, and I will update how things went tomorrow when I get home from the 341. Wish us luck!

[liz417]

(((((((Sending good vibes your way))))))


You'll do fine, just make sure you get there in plenty of time Good Luck!

[UpsideDown99]

Everything will be great.... good luck!

[SleepWellNow]

We are also self-employed and had our 341 hearing September 3rd. Ours is a Non-consumer Business Chapter 7 as most of our unsecured debt was related to a failed business. Along with the regular questions everyone is asked, our Trustee asked about any inventory or receivables...just looking for assets to disbribute. We had none.

Although we all tell you to "take a breath" and not worry, it will be natural to do so. If I had known how painless the 341 hearing would be, I would not have wasted all that negative energy leading up to it. Just go in, answer truthfully and, before it can completly sink in...you'll be standing outside wondering..."is that it"?

Good luck to you tomorrow. Please let us know how it goes.

[lifeistough]

Thanks! Our business doesn't have any assets anymore either. I used to carry inventory but haven't had enough money to do that so I buy products when I have an order for them. Not too fun, but all assets the business has is exempt (computer, printer etc).

This has been the worst year of my families life, many struggles but we are keeping our heads high and hoping for better things. I will update tomorrow

[SleepWellNow]

Your situation sounds a lot like ours. I told our Trustee we still get a few orders now and then but we order as we need to complete the orders. It's called the "Just in Time System"! All the assets (which wasn't much) in our business were also exempt.

After 23 years in business, it has been hard to see it all come to an end like this. Times have changed and we are just collateral damage. The truth is, however, YOU are really the business. Your entrepenuership, your dedication, your willingness to work hard...everything it takes to be a business owner. I actually looked forward to our 341 hearing because it was one more step in starting over and putting our energy towards a new beginning, free of the burden we had been carrying for so long. You're going to feel such relief tomorrow when it's over and you can start looking forward to a better life! That's what we're doing

[lifelesson]

good day ... you'll have tomorrow once you're done and you know how much worring you did for not.

Relax and sleep tonight. You'll do fine.

[lifeistough]

Your posts really have helped me to relax a bit. I just remember the day that we met with the attorney and he said stop paying the credit cards (which we were to the point that we couldn't pay them all). It honestly felt like a million tons of bricks fell off my back, and hopefully tomorrow I will be even more relieved.

The attorney says it should go fine and not to worry, but like everyone else on this forum, I will still worry. It will be nice to have tomorrow over with

[lifeistough]

Glad its over

We had our 341 today and it wasn't as bad as I thought it would be. They asked the normal questions, and asked about a few of our exempted assests, some questions about my business, like, how did you get a sba loan, and why was Capital One the guarantor. We answered all the questions and the trustee didn't even look at our bank statements of pay stubs, they just verified the balances on the day of filing.

What a relief!!! 60 day club here I am

[zpbk13]

Congrats! Welcome to the 60 day club. I know I was so relieved when ours was over. Can't wait until we are discharged then I will feel like we can move on free and clear and make the best of our new start.

[lifeistough]

Thanks! It is really nice to have the opportunity to have a fresh start. Big relief

[SleepWellNow]

I'm so happy to hear things went well at your 341. I'm giving out a sigh of relief with you

[lifeistough]

Thanks for all the support. I feel so much better now. Good luck on your 60 days as well. It will be nice to have a fresh start.

[liz417]

Yippie!! Welcome to the 60 day club