Filed Chapter 7, need some advice on my situation

[Meshuggah]

Hello everyone,

New to the forum and hoping to talk to some people who are either in my shoes or have already been thru this. Tryin to attain some peace of mind while I wait for my 341 hearing.

My attorney looked over my credit report and situation, and he believed that filing Chapter 7 was the right thing for me to do. I simply over spent my means and there's absolutely nothing I will ever be able to do to overcome it.

I've heard that most creditors don't show up at the 341 hearing, but I can't help but be concerned. It's just a very big deal to me, and it's really stressing me out, (Im not good at waiting)

When I was talking with my wife and showing her everything, she like my attorney says I have nothing to worry about because she says my individual debts are to small for a large credit card company to even care about fighting over because
its not worth their time to pay their lawyers to fight over it.

I have 2 unsecured personal loans. One is for bout $4,800 the other for about $6,500

I owe Capital One about $2,800 via the various cards I have thru them.

$1,400 on one card, $2,900 on another, and $671 on the last one I have.

Do creditors raise a big stink over these amounts or am I worrying over nothing?

Any opinions would be greatly welcome.

Thanks!

[dina13]

Meshuggah, you are worrying for nothing. We had our 341 about a week ago, and it lasted less than 3 minutes, and was simply a formality, and our debt was over $40,000. If the amount of your debt is the only thing you worry about, then forget worrying.
Credit cards create money that they lend you out of thin air, so when you file bk, neither they nor government care too much, as long as you play by the rules.

[keepsmiling]

Welcome Meshuggah!
Relax, no worries, ain't gonna happen.
Keep reading- you will find very very few reports of creditors showing up at 341's. Those situations are extraordinary.
If you must, go find something else to get meshuggah about

[LadyInTheRed]

Just in case it is helpful to hear it a third time: you have nothing to worry about. Your creditors are not going to show up at your 341.

Welcome to BK Forum!

[Meshuggah]

Hey everyone,

Thanks for the response, I guess it's not even so much the 341 I am worried about, but just them fighting it in general, or is my debt that is such a huge deal to me, such a small number to them that it's not even worth fighting for?

[frogger]

Hey everyone,

Thanks for the response, I guess it's not even so much the 341 I am worried about, but just them fighting it in general, or is my debt that is such a huge deal to me, such a small number to them that it's not even worth fighting for?

Chill grasshopper. What is a big deal to you is not such a big deal in the grand scheme of things. Even if someone did want to "fight" any of this, it won't be at the 341 meeting.

Bankruptcy is a normal part of life for most creditors, and while a creditor does not like it, it is a cost of doing business.

So let me tell you again......... don't fret it. It will be fine.

[Meshuggah]

Your probably right. To them its probably just lunch money and not worth fighting over.

[keepsmiling]

Even for ten times the amount they wouldn't show.
Go take a walk or do something to take your mind off this. Just not worth the worry.

[basketsbears]

Hi,

I can relate to your fears. We had our 341 almost a month ago and it took maybe 5 minutes.

Try and relax. 😃

[drowning123]

My debt, including my house, was about $250,000. What, me worry? My 341 lasted about 45 seconds. No kidding. Stop worry, Mesh!

[Meshuggah]

Thanks everyone, it has really helped me calm down about everything.

My wife said to me today "don't take this the wrong way...but when it comes to 20k of your debt, you are meaningless to them, it's like 2 dollars to them in the grand scheme of things"

[SMinGA2]

No creditor wants you to file bankruptcy - but there is nothing they can do about it. The ONLY thing they could protest, would be if you'd recently had luxury purchases, cash advances, or similar. And based on the amounts you mention it is highly unlikely that was the situation.

And lets say you did charge a $10k cruise on the eve of filing bankruptcy, that sort of thing is handled by the creditor's attorney sending your attorney an offer/agreement for you to work out - as to how much you'll repay.

I think the only situations where a creditor appears at a 341 is a) friend/family/associates you owe money to or b) a creditor wanting you to reaffirm. And b) is not highly likely. I think Best Buy often sends someone to try to get you to reaffirm, such as if you bought appliances on their store account.

[Meshuggah]

Well i didnt charge a 10k cruise or anything like that. What scares me if about 5 months ago i took a loan out to pay all my credit card debt off and like a total idiot i ran them all back up. Buyin food when paychecks were bad n yea i did also charge some luxury goods as well. I guess i just feel that could really hurt me. Im sure im not the first person who has done this. I just hope this all works out and i never place myself in this situation again

[SMinGA2]

I'm guessing you discussed this with your attorney, or your attorney would at least know time frame of when you accrued these balances and was not concerned. Your largest debt is $2900. Sounds like all the other cards, individually, are small. Creditors are not likely to bother with anything small even if it could be considered "luxury". What you considered luxury could not have been that much, since you mention it in plural and your balances are small relatively speaking.

[Meshuggah]

Yes i did. I told him absolutely everything. The only things he said to do was to stop usuing the cards. (Obviously) and make one more payment on the laon i took out a few months ago. Which i also did.