Thinking of not showing up at my 341, advise please

[jemma]

I need some advice, I filed chapter 7 this month. I am terrified of the trustee, why I have no idea. I never contemplated the thought of filing bk. I figured I could somehow come up with enough funds to settle in a year or so. My original debt started at 94, 000 but has increased to over 200,000 due to interest, late fees and so on. Let me get to my point before I bore you to death. I am considering not going to the meeting because of some transfers of property made to a family member. These transfers were disclosed on my schedules and this family member did pay for them. These took place over 1 year but the form ask for anything transferred two year prior to filling. The first transfers we can prove she paid for with copies of checks from bank, plus the payments started seven years ago. titles were transferred after last payment made for stuff. bottom line, I am not willing to better my situation and have this family member put out on the street. I am now ready to just throw in the towel and let the creditors go back to pounding down my door. Any help is greatly appreciated.

[free2breathe]

Because you have the proof of payment, and everything has been disclosed, I think it would be a mistake for you to throw in the towel now. Did you use an attorney to file? If so, I'd contact them to let them talk you through your fears. If you conducted your property transfers above board, you should be fine.

[jemma]

I did use an attorney, but I am still having a hard time taking it all in. I told him everything and hid absolutely nothing. I just do not want anyone else being drug threw a mess I created out of my own stupidity (getting over my head in debt). I have been reading everywhere, trying to find an answer. I see a lot of things about transfers to family not looking so good. I sold it to this family member back in 04 but transfers took place within the two year time frame. I got what i felt was fair market value for it in 04. Just feel so lost and other people who have never been threw this just tell me my family member is done for. That the trustee will come after them with everything that have to recover that property. I thank you for responding to my post.

[free2breathe]

Take a deep breath jemma, and don't decide not to go through with the 341 just yet. I'm sure someone else more "in the know" (perhaps Des, justbroke, or others who have a wealth of knowledge) will have more advice for you. Generally speaking, the trustees are going to look at transfers that happened recently, where the family remember got the property for far below fair market value, etc. Basically they are looking for something that would indicate you planned to hide assets so you could file bankruptcy. I'm not seeing anything in what you've said that leads to that conclusion.

[747LUVR]

Hi Jemma- hey, listen I understand your worries....heck, I have worried about my 341 AFTER the hearing....but thats another story. Look, I THINK the TT's realize the bal's we default on have exploded. we defaulted on roughly 184k in cc debt and several medical bills, in april/may/june of 2009. by the time our atty pulled our CR to do the matrix on filing in january, those bal's ballooned to a whopping 304k. So yes, others on here have said the TT will ask about charges and such since it's over 100k-that 'its standard', just be honest and polite, look them in the eye. And like others above wrote, have your atty on the same page, they dont like suprises either. But dont throw in the towel just yet.

[jemma]

Thank you for your responses. I am making myself sick with worry. This is why I saved up enough to hire a attorney, so I don't have to worry. However, that is all I do theses days. I have not used any credit cards since 2009, most were paid every month until around 9/09, I think some I quit paying around 7/09. I did not decide to seek help until 2/10 long after these transfers 9/09 and 12/09 and was paid for over the years. I just do not want the trustee thinking I was intending any kind a fraud or misdoing to anyone. These were not just some worthless items that were sold, but like I said I hadn't even contemplated bk at the time and I received what I believe was fair market value. My attorney said he does not see a problem and if one happens we will deal with it then. I did ask if I should wait to file but he said no we could go ahead and do it. I just want this over and done with but I don't want anyone having to go thru the ringer because of me. I am really second guessing my decision to go this route. I don't know what to think anymore. Has anyone been in this situation before?

[frogger]

As long as the transfers were for fair market value, you have no worries at all.

Good luck and just chill........

[AngelinaCatHub]

Jemma you are halfway there just by filing. The best way to become less terrified (you are one of many) is to go and sit in several of these to see the gammut of the procedure.

Also do a 341 search right here and read peoples experience. Most are down to earth. The very basis of a successful 341 experience is; be prepared and tell the truth without hesitance whether the question caught you by surprise or not. They usually average 5 to 15 minutes and are cut and dried. The word is: They are a piece of cake. 'Hub

[jemma]

Thank you all for your responses. I am feeling much better, still nervous but not falling apart anymore. This whole thing is so stressful and I will be so glad when it is all over. At this point, I am just hoping the trustee doesn't pound me to the wall for those transfers. I was told by someone, I should have been smarter and waited the two year time frame out. My reply was, why I did not do anything wrong, what's done is done and I listed everything and it was paid for. However, I am having the family member get copies of all the checks written from the bank. I intend on bringing these with me to the meeting, just incase. I hope everyone is having an amazing day and I have no idea how all of you made it through this but it gives me hope.

[AngelinaCatHub]

Thank you all for your responses. I am feeling much better, still nervous but not falling apart anymore. This whole thing is so stressful and I will be so glad when it is all over. At this point, I am just hoping the trustee doesn't pound me to the wall for those transfers. I was told by someone, I should have been smarter and waited the two year time frame out. My reply was, why I did not do anything wrong, what's done is done and I listed everything and it was paid for. However, I am having the family member get copies of all the checks written from the bank. I intend on bringing these with me to the meeting, just incase. I hope everyone is having an amazing day and I have no idea how all of you made it through this but it gives me hope.

Jemma, sometimes listening to those who have opinions may not work. This is why we put our WARNINGS up before us. We can only share our opinions, experiences, and advices. It is free and worth the price you pay. It is you that must decide. However, you are among those who do not know you personally, yet love you enough to give you aid out of God's gift of people who care. Our answers are not legal but we do have legal help here by real lawyers. It is not official but only advice.

If you do NOTHING, you do NOTHING WRONG, but then, NOTHING GETS DONE. Does that make sense? You have made your first step towards freedom and a NEW START in life. We are all here for the same reason.

If you have erred, the Trustee will tell you. WE have made every possible errors in the book but FRAUD. We were so ignorant. This is why we stay here for so long as to help those not to make OUR mistakes. We have learned and I see at this time, no real problem as long as you are "up front" with the Trustee. DO NOT abandon you position as you then will be back and feeling much the worse.

You will get by this. I promise this. It will get worse before it gets better in your eyes but we who stay have been there. We know.

Hang in there. Your friends here will be watching your success. 'Hub

[justbroke]

You should go for the simple reason that the Trustee can continue your case anyhow, if they feel there are assets. The only way to, literally, make your case, is to actually attend the 341 Meeting! Don't let the meeting intimidate you. You have the opportunity to discharge over $200K of debt, and you're probably worried about not even 10% of that.

I say to just relax. It is what it is at this point. Should you ignore it, it potentially gets worse! Understand? The thing is, the Trustee wouldn't even go after you! The Trustee is just looking for money and where it went. So relax, go to the 341 Meeting, be honest, and nothing will probably happen. Even if the Trustee wants to attempt to recover some of the money, which they actually have to demand and then sue the other person, it can be fought.

[jemma]

Thanks you guys/gals, do not know where I would be without you all. It is actually very comforting, to know that everyone here understands what the other is going through. I really have nobody else to talk to, so thank you. I know now that every bk has it's bumps, some bigger than others but most of the time if you are completely honest all will be alright. This family member was actually really mad at first, i think they thought maybe I did it on purpose. However, after explaining it all, they were very understanding. Also, told me if anything happens and Trustee feels something was sold for less than fair market value, they are more than willing to compromise and pay the difference. I just told them, I have no idea how any of that works but for now we will just hope and pray that everything turns out for the best. I cannot tell you how good it will feel, to no longer have this burden hanging over my head. I have learned some very important lessons from all this. I will never use credit again, that is just me. I have learned what it means to truly live within my means. I am happy doing that, just wish I would have known that back then. Who knew it would take such a hard slap in my face to make me realize this. I am so thankful I found this site and all the wonderful people on here.

[AngelinaCat]

Jemma, this one is for you:

For those embarking on bankruptcy.... you WILL survive!




Keep calm...... Carry on!

[JoePlumber]

We also went through this in NorCal, not sure where you are, but myself and especially my wife had a very hard time with this and the creditors meeting (341 meeting) was a very tense moment, yet after it was done with, i was simply left with,, "that was it, no drama or seriousness about our stupidity and circumstances" its a simple thing and you will have to read a couple statements typed out and given to you by your Court Trustee, ours was very nice and easy to work with in Sacramento. Make sure you bring your S.S. card and I.D. with you into the the court room, or you will have to return to show proof. Our attorney didn't remind us before hand. Its easy..

[woeisme]

Just want to reiterate what justbroke said, once you file a CH 7, YOU do not get to decide to back out, whether you show up at your 341 or not! So the best way to protect your family member is to go, and show that the transfer was made for honest market value. Otherwise the trustee can decide you are insolvent and the best way to get $ for the creditors is to go after that property, not to dismiss your case.