341 Meeting 4/13/2010

[LissaF26]

Hi everyone!

My 341 meeting is coming up in a few weeks. I am to bring: DL, SS card, Current check stub, and current bank statement. I can bring all those forms with no problem. My one concernis My SS card is laminated. I live in MN do you think that will be a problem? Should I bring tax forms along to prove SS #
even though I've enclosed the past 2 years of forms to them already? Also how can I prepare for the meeting. How will I know if Creditors are going to show up?

Thank you,

[Mensa1]

Laminated card should not be a problem. They are simply looking to verify your SSN. This can be done with a current 1099 or W2 form as well. Not a big deal.

No way to tell if creditors will show up except that to say they usually don't show for typical consumer debts. Most of the creditors that show up are for business loans guaranteed by consumer, or those where recent cash advances or bal txfer were taken. Absent any of that it is highly unusual for creditors to be there since there is little that they can say that will make a diff. Secured creditors, like cars or houses might be there, typically to ask your intention or seek for you to sign a reaffirmation agreement, if you haven't done so prior to the meeting... if this applies at all.

Typically you will be before the TT for 5 to 7 mins, they ask you boiler plate questions; did you file of your own free will, review the petition, any change in your situation from date of filing, tranfer property or sell any assets in the past 120 days, to any family members in the past 365 days, expect any inheritance, do you expect an income tax reefund for 2010, etc, etc. All NO answers, assuming truthful, gets you out the door with well wishes from the TT.

[user33]

Most of the creditors that show up are for business loans guaranteed by consumer,

I was wondering why would they go after consumer's business loads but not consumer loans, since hey issue both business cards and consumer cards against consumer's personal credit. Is your statement based on facts or just your thoughts?

[Mensa1]

I was wondering why would they go after (non) consumer's business loans but not consumer loans, since they issue both business cards and consumer cards against consumer's personal credit. Is your statement based on facts or just your thoughts?

I have sat through a couple hundred 341 mtgs, both as a creditor a couple of times, and as an interested observer of TT's and creditor actions. So lets say that I am a fairly well educated student of the process. What I have seen are 95% of the consumer case filers sit thru their mtg and have a well wish from the TT at the conclusion, with NO creditors present. Most non-consumer filers, possibly due to the complexity of the case due to business ownership and multiple assets, and the existence of prior financial statements issued by the debtor to creditors, it is natural that there will be potential questions and challenges to inclusion/discharge of these debts.

Also think in terms beyond business cards for business owners, and include business/personal line of credit; sort of a blank check. A little bit different than typical cc charges. Lots more variables, it seems.

[user33]

Most non-consumer filers, possibly due to ....

Thanks for clarifying that you meant business loans for "non-consumer filers". Your original statement was "Most of the creditors that show up are for business loans guaranteed by consumer", that would mean consumer filers, at least to my understanding from the wordings: "business loans guaranteed by consumer", but it is clear to me now and I understand what you meant and it makes sense now.

[michiganmom]

Hey, I just had my 341 on 3-16 and my SS card is laminated and the TT just looked at it to verify it and when done, handed it back to me. Not an issue what so ever that it was laminated.

[Mensa1]

Thanks for clarifying that you meant business loans for "non-consumer filers". Your original statement was "Most of the creditors that show up are for business loans guaranteed by consumer", that would mean consumer filers, at least to my understanding from the wordings: "business loans guaranteed by consumer", but it is clear to me now and I understand what you meant and it makes sense now.

The distinction of the terms comes between consumer and non-consumer based on whether 75% or more of the debt is from a business application. The debt in a non-consumer case is that which has been personally guaranteed by the individual.