341 Meeting of Creditors 12/12/12

The big day!  How about that for a date to remember!

I got up early after a fitful night sleep.  I had some coffee and some cereal on the couch and watched some news.  I never do that.  I am go.go.go in the mornings person.  I have to be out the door with daughter in tow by 7:00!  So it felt rather loungy.  I still kept an eye on the clock.

After I dropped my kid off at the daycare club, I had an  hour to get to the Trustees Office.  Mapquest showed it as a 20 minute drive.  In LA you never know!

I got there early and signed in.  I was the 3rd down the list and I heard them say that they take first come, first served.

Soon, I met with the legal assistant and filled out a questionnaire.   The questions were:  Have you reported all your income and expenses, have you filed taxes in the last 4 years, did you give a copy of your taxes to the trustee, do you pay child support, etc.

Then they called me into a small, private room and turned on a tape recorder and then asked me the same exact questions from the questionnaire.  Only this time under oath and being recorded.

They did ask me if I had a payment for the trustee.  Which I did not because the law office made me bring it to them last week. However, I did have my receipts and they asked to see them and she took note of them on record.

It was over in less than 5 minutes.

Then I returned to the waiting room and they took a roll call for the calendar, I said HERE when my name was called and then I left.

That was it.  It was relatively painless.

My advise to anyone going in for a 341 hearing.

Get their early as possible.  They will start early if you are there.

Take your paperwork.  Even though the only thing they tell you to bring is your drivers license and social security card.  I needed my paperwork twice.  Once because on the questionnaire needed the Case Number and the second were the receipts for payments to the Trustee.  I am sure both of these things could have been forgiven, but just better to keep them happy.

I had no creditors show up for my case.  However, there was a creditor there for another case!  They do show up!

I also learned that the motions  to strip the Junior Liens were heard before the court this month and the trustee asked me what the outcome was.   I did not know that.  Those are the motions to discharge second and third mortgages after a successful Chapter 13.  Again, when you are underwater you can do a Lien Strip and have those discharged, only IF you are underwater on your first.

So that is that.  Now we look forward to the confirmation hearing soon.

I am more determined than ever to keep to a budget and not get in this mess EVER again.  I just know that I could not get out of it alone and thankfully we have laws that will give us a second chance.

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Otherwise, I would of ended up in debtors prison…

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Joy!

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6 thoughts on “341 Meeting of Creditors 12/12/12

  1. Knew you’d breeze through it without a hitch. Congrats on the first big step down. Also loved your article on lien stripping, its something people should be aware of in this “underwater” housing market.

    • Thanks Nick. Lien stripping is great, but it is scary. If I don’t complete the Chapter 13 successfully then I would have to pay back everything, make all the payments on the mortgages including interest or go into default. Wow, that is a heavy burden to carry around for 5 years. Yikes. I also just read something no the internet yesterday that lien stripping is going to be allow in some chapter 7 cases! That is great news.

    • Thank you Gillian and thanks for stopping by. I love your site and think it is WONDERFUL that you are so aware of your finances at a young age! GREAT! Don’t mean to sound like your mom, but I do hope my daughter is like you!

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