No photo
Posted over 4 years ago.

That's exactly my situation. And I actually commented the above attorneys answers. My mistake for note mentioning it in the first additional informations. So as it is I am just wondering is there are any risks associated with me attending solo the 341 thank you

Kathryn Ursula Tokarska
Kathryn Ursula Tokarska, Bankruptcy Attorney - San Diego, CA
Posted over 4 years ago.

Mr. Waters, do you then strike out item # 6c on Disclosure of Compensation form? We will soon have to deal with "Rights and Responsibilities" form being added to the chapter 7 cases.

William James Waters
William James Waters, Bankruptcy Attorney - Simi Valley, CA
Posted over 4 years ago.

Sorry I should have read the comments before responding. Whether there would be any "risks" or not for you to attend solo depends on how your petition ended up looking as far as income & expenses and whether you were able to comfortably exempt all of your assets. The main risk would be if the Trustee were to question & challenge you on the value of a large item, like your house or a car, and your response as to how the value was determined leads the Trustee to believe there may be excess value to go after. But if you are using the 703 series of exemptions and have a lot of room left in the "wildcard" exemption, then the risk is minimized. Another possible risk is the Trustee asking for an explanation on something involving the technical issues of the actual preparation of the petition, such as why a certain exemption section was used, and you not being able to answer. In that situation the Trustee may continue the 341(a) to a later date and give you time to provide the requested answer or additional supporting documents or whatever, and you could probably hire the attorney to appear with you at the continued meeting if you want. If your income is below the Means Test threshhold, and your Schedule J doesn't include any excessively high expenses, and your assets are realistically valued and were all easily exempted, then your risk of attending the 341(a) solo is much less. The way I look at it, if I have done my job correctly in the preparation of the Petition and schedules, then I never have to even say anything at the 341(a) other than stating my name for the record. Not knowing whether your Petition was correctly prepared or not makes it impossible to predict whether you would have an easy or hard time being solo at the 341(a).