Getting Nervous

[calco86]

We have our 341 meeting Monday and getting really nervous, just hoping no creditors will come...

[wonderingrov]

Most of the time, the 341 meetings go fairly quickly with no problems. The day I went, I didn't see creditors showing up for anyone's 341. There is another subforum on here on 341 meetings - if you read through some of the posts in that section, it will give you an idea of what to expect. Most of the time they are pretty quick and painless.

[kartoons19]

I went about an hour early to my 341 and no creditors showed up. Going a little early to watch a few of the cases really helps with the nerves. As Wonderingrov suggested, the 341 forum has some great information that will help you prepare. Good luck to you.

[stueban]

I agree on going early. We sat through about an hour, and it helped a lot to calm our nerves. Make sure you bring all the required paperwork (ie your drivers license, SS cards and taxes). You would be surprised on how many people didn't have this info, and had to have another hearing scheduled. If you are prepared it is pretty painless. You can do it!

[lblanchette]

It's also good to have a current statement of any IRA accounts that you may have due to a job loss. I had to provide that along with a recent bank statement at my hearing. It went through with flying colors.

[oregonpilot]

We have our 341 meeting Monday and getting really nervous, just hoping no creditors will come...

My trustee didn't even look up from his paperwork when he asked if there were any creditors present.
Just went right on reading.

[helpme2010]

No creditors showed up for my 341 in California. I think most creditors would rather write off the money than show up and try to fight for scraps. But you won't believe how many BK filers show up. It will be crowded (sad but true). Just bring all your documents and try to relax, it should go smoothly.

[debee]

Even though not all trustees ask for the same things, the Federal Rules of Bankruptcy Procedure 4002(b) indicates that these docs should be provided at the 341 meeting:

Gov't issued ID, proof of SSN (or evidence that you don't have one), evidence of current income (pay stub), statements for depository and investment accounts that include the date of filing, documentation of expenses if required by 707(b)(2)(A) or (B).

Funny thing is the tax returns aren't mentioned as being req'd yet they are asked for so often that it's common advice on the forum to bring them too.

Link to rules: http://www.law.cornell.edu/rules/frbp/rules.htm

edit: this list doesn't distinguish between chapter 7 & 13

[tcreegan]

Hi all,

Slightly ironic that creditors don't show up at the creditors meeting....

But in a Ch 7, they really don't have anything to do, could ask the debtor questions, but they don't object at the 341, that gets filed in the BK court, and they can get answers in the AP process. They already have access to everything you filed and can request you last tax return,

hey debee, Congress moved the tax return and 60 days paystubs from the BK rules to the BK code (title 11 code section 521 'debtors duties')

Has anyone actually had a creditor show up at the 341 meeting?

Tom in Colo

[debee]

,

hey debee, Congress moved the tax return and 60 days paystubs from the BK rules to the BK code (title 11 code section 521 'debtors duties')

Tom in Colo

Where are you getting that from, Tom? The FRBP that I linked to and drew from are published online at Cornell's Law School and incorporate all the amendments up to Dec 1, 2009. The new set of amendments aren't effective until Dec 1, 2010 and rule 4002 isn't among the upcoming changes.

edit: Just to clarify - the FRBP doesn't say that the debtor should bring 60 days pay stubs to the 341, rather it says evidence of current income such as the most recent pay advice. Also, it states that the tax return should be provided at least 7 days prior to the 341, but not specifically at the 341.

[oregonpilot]

In the weeks B4 my 341 i went in and watched. 2 creditors in a row. Locals!! one was a contractor & wife sitting at the table with trustee and debtor. Creditor was screaming at the debtor saying, How dare you think you can build a 500k house and think you're not going to pay me. Went back and forth. Trustee told creditor ...you have 3 minutes. Creditor said I'm taking alot more time than that. Trustee shut him down. Made him leave.
Other one was a landlord objecting to debtors ability to file bk. Trustee told him that he couldn't object to that.
Debtor trashed apartment. When trustee called an end to the discussion the debtor gave landlord the selective finger.

[tobee43]

Even though not all trustees ask for the same things, the Federal Rules of Bankruptcy Procedure 4002(b) indicates that these docs should be provided at the 341 meeting:

Gov't issued ID, proof of SSN (or evidence that you don't have one), evidence of current income (pay stub), statements for depository and investment accounts that include the date of filing, documentation of expenses if required by 707(b)(2)(A) or (B).

Funny thing is the tax returns aren't mentioned as being req'd yet they are asked for so often that it's common advice on the forum to bring them too.

Link to rules: http://www.law.cornell.edu/rules/frbp/rules.htm

edit: this list doesn't distinguish between chapter 7 & 13

debee has that absolutely correct...it is vital that you bring those documents with you. hopefully, if you have an atty, he/she would have prepared you for what type of questions that are asks...if not some of the "typical questions" are:

may i see you id
are you working where
or why not
what do you do for a living
can you please explain this 3.7 million dollars you inherited from your great great aunt in england....NO JUST KIDDING!!

it is usually, cut and dry and your atty should advise you what to expect...best of luck, i'm certain you will do just fine....

just a suggestion...do a "search" on the site and you'll find other threads about 341 experiences...including ccjoe and gman...they are most interesting!!

[tcreegan]

Hi debee,

It is on the Cornell site, http://www.law.cornell.edu/uscode/usc_sup_01_11.html Go to Chapter 5

Wow oregonpilot, talk about some drama!! In theory, creditors can only ask questions about particulars of debtors financials.

Tom in Colo

[nc73]

Unless you have a good reason there is nothing to worry about.

[debee]

Hi debee,

It is on the Cornell site, http://www.law.cornell.edu/uscode/usc_sup_01_11.html Go to Chapter 5 ..

It's not here, Tom. This is a link to the Bankruptcy Code. I was referring to the Federal Rules of Bankruptcy Procedure, Rule 4002. A different bird altogether. I'm starting to think maybe you speed-read past my post! I tend to skim myself more than I should. I think there must be a misunderstanding in here somewhere because we're talking about two different things. The FRBP actually gives a list of things to bring to the 341 (which meaning is no biggie since the trustees have their own lists) but that is what I was posting here. I didn't post anything from Title 11. Two different birds.