I have seen many ways Creditor Meetings (341a Meetings) can go wrong for Pro Se Debtors. A few major lessons to be learned and which Pro Se Debtors should be aware are as follows:
- Make sure to have proof of social security number and a valid government issued picture idea.
- Tax Returns should be provided to your Chapter 7 Trustee MORE than 7 days before your hearing.
- Without the previously mentioned documents there is a chance your hearing won’t go forward.
- If you’ve repaid a debt to a relative in the 12 months prior to bankruptcy beware.
- If you’ve transferred property for less than fair market value within 4 years of bankruptcy similarly beware.
- If you have rental real property, the homestead exemption does not protect your equity. I see people try this all the time.
- Your expenses are higher than you think they are. Make sure you think through them carefully and evaluate what you used to charge on your credit cards when analyzing your expenses in Schedule J.
- Your Schedule J should be higher than your Schedule I or you wouldn’t have your financial problems.
- Make sure to complete your second class debtor education and present the certificate to the court or you will not get a discharge.
To avoid the pitfalls listed above, retain the Law Office of Klavir & Associates.
However, if hiring a bankruptcy attorney is simply not feasible, I often recommend Nolo’s incredible resource on the topic of How to File For Chapter 7 Bankruptcy. It is one of the most comprehensive and inexpensive resources on the topic. It is also found in most public libraries.
Is there a time limit in which to submit the 2nd session of the debtor’s class certification to the court? Just had our meeting of creditors at the trustee’s on 9/27/10 for our chapter 7. Is there a limit like witnin 45 days, 60 days. I know the BK cannot be charged off without completion of the 2nd course but how soon should we complete. Don’t want to miss a deadline. Thanks
The time limit is 45 days from the date first scheduled for meeting of creditors 341a.
If you have rental real property, the homestead exemption does not protect your equity. I see people try this all the time.
We have a property that is currently being rented but we intend on moving back to it. Will we have any exemptions in this house? No other real property.
If at the time of filing bankruptcy you are living in the former rental property, the homestead exemption may apply. It would not apply if you are not living at a currently rented property.
I am working on filing for chapter 7 Bkrcy. I bought a car in 2003 (chevy corvette) used and paid 6 1/2 years out of the 7year loan. The car has some damage and I havent driven it or rgistered it for a couple years. I owe 6 months and now all the credit unions late fees . I hate the thought of losing this car since I made all those years of payments. I am unemployed ,out of work for two years now. What ,if any,can I do to somehow keep it. I worked my butt off to make those payments .!! Thanks for your time.
Karen, How much do you owe including late fees and how much is the car worth? You have to have the ability sooner or later to pay for the car. If you file bankruptcy and you know you can get the money to pay it off you can do a Section 722 redemption. That is, you can buy the car out at its fair market value. But right now, that car can be repossessed at any time. I hope this helps.
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My sister who is 67 years old own a condo “FREE AND CLEAR,” in a Joint Tenancy with another relative and she is filing for chapter 7 because of fraudulent charges to her credit cards, and because she has low stage Alzheimer she left unattended all the charges to her credit cards until it was too late.I’m helping her with her chapter 7 petition, and since she is a Joint Tenant, what do I put in the fourth column of schedule A (current value of debtor’s interest in property) the whole value of the condo or half of that value as a Joint Tenant. Thanks, your answer will be appreciated.
Put half the value in the fourth column of schedule A, but in the section where you put the address, note the full value and the joint tenancy. Make sure you use the homestead exemption on sch C 740.730 for her equity.