341 Trustee Meeting Reenactment Walkthrough | Understanding the Bankruptcy Process
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- Опубліковано 7 лис 2023
- In this video, join us for a detailed walkthrough of a 341 Trustee Meeting reenactment, providing you with valuable insights into the bankruptcy process. We'll take you through the key aspects of what happens during this critical stage, helping you gain a better understanding of what to expect if you're going through bankruptcy or simply curious about the process. Whether you're a debtor, creditor, or just interested in the legal world, this reenactment will shed light on the intricacies of bankruptcy proceedings. Subscribe for more informative content on legal matters!
Can u make one but with a creditor present to mimic what they could ask u
I'll look into doing one of those. Usually creditors don't show up but I agree it would be helpful to have a video that gave typical questions a creditor would ask. Thanks for the idea.
My wife and I have listed all of our assets and are currently making sure all of our debts (accounts, numbers, etc) are correct, and have stopped paying on the cards/loans. We stopped paying on them and started the bankruptcy about the same time, should we have waited before filing?
Also, in the event someone doesn't think of an asset (like forgetting the golf clubs, etc) how does the trustee find out? what would you do if you're in the middle of it and realize you've left something out? Thank you!
It is better fo stop paying earlier on your credit cards because of the preference period but usually it does not matter. The trustee can have an appraiser come to the house, but this is in rare circumstances. Nevertheless you should do your best to ensure that your schedules are accurate. If you left something out you should amend your schedules to add it.
@@ChadVanHornAttorney thank you! We definitely have gone around the house making sure we didn’t leave something out, and things have been amended, I appreciate this!
@@TheOctabreaker my pleasure and good luck!
@@TheOctabreaker happy to help!
Great little informative vid! So, what does the Trustee do with your case after the 341 meeting and right before the discharge? I'm curious as to the details.
Thank you! I'm glad you enjoyed the video. After the 341 meeting, the Trustee's role is to review your case in detail to ensure everything is in order before recommending a discharge. Here's a brief overview of what happens:
1. Review of Financials: The Trustee will scrutinize your financial documents, including bank statements, tax returns, and other relevant paperwork, to confirm their accuracy and completeness.
2. Asset Evaluation: If there are non-exempt assets, the Trustee will assess their value and potentially sell them to repay creditors. If not, they will enter a report of no distribution and the case will essentially be over.
3. Creditor Claims (asset case only): The Trustee will examine and validate any claims made by creditors, ensuring they are legitimate and comply with bankruptcy laws.
4. Compliance Check: The Trustee ensures you comply with all bankruptcy requirements, such as completing any mandatory financial education courses.
5. Final Report: Once the Trustee is satisfied that all aspects of the case are addressed, they will file a final report with the court, recommending the discharge of your debts.
If everything checks out, the court will then issue a discharge order (usually 60-75 days later) relieving you of the responsibility for the dischargeable debts. If you have any more questions or need further details, feel free to ask!
Thank you for the great overview! I have another question- after the 341 meeting concludes, when would be a good time to look for a better paying job? I hear different answers like it's ok to start another job after the 341 meeting then I heard don't start a job until you receive your discharge papers.
@@tonyzam66 Thank you for your question! The timing of when to start looking for a better paying job after your 341 meeting can be a bit nuanced. Generally, it's safe to start looking for new job opportunities after your 341 meeting. However, it's important to be aware of a few key points:
After your 341 meeting should be a fine time to look for a better paying job, however, your bankruptcy trustee is still reviewing your case and could still ask for more information, although it is unlikely. This can potentially impact your bankruptcy case, especially if your new income significantly changes your financial circumstances.
Ultimately, it is advisable to discuss your specific situation with your bankruptcy attorney. They can provide guidance tailored to your circumstances and ensure that you comply with all necessary requirements.
You are awesome, thank you for all your feedback!!
@@tonyzam66 my pleasure! Good luck.
So you should stop paying any/all credit cards?
Correct. Once you decide to file for bankruptcy you should stop paying and using all of your credit cards.
Can you ask the trustee to obtain a full accounting for the account
Thank you for your question. The trustee is required to do a full accounting in every asset case and provide it to you.
If it is husband and wife filing jointly so they both have to attend ? Is it done together or individually? And if it can be done together do both have to speak or can just one party speak on behalf of both ?
If it is a joint filing both need to attend and get sworn in. Usually the trustee will allow one person to do the speaking as long as the other person agrees that their testimony represents what they would say as well.
Which party in this meeting is considered to be the beneficiary?
There is no beneficiary. A trustee (who represents the creditors) and a debtor.
what trust does the trustee operate? who are the parties to that trust? who is the grantor in this example?
@@ChadVanHorn
Ok so where is her attorney ?
I'm the attorney!
@@ChadVanHornAttorney so why is she answering for herself. Do your job
@@itguru2037 attorneys aren't allowed to answer questions for clients. The client has to answer.