QUESTION
I am a secured creditor. We own the building. Do I need to be represented by an attorney at the 341 Hearing?
Asked on Feb 09th, 2014 on Bankruptcy - Arizona
More details to this question:
We have a Note & Deed of Trust, we also have a Judgment. He is 6 months behind in his payments plus owes back taxes. The attorney we contacted about representing us wants a $5,000 retainer and it could go up from there. Because of no income off the building, we are very short of funds. We don't want to lose the bldg., it was for our retirement. Bldg sold for $300,000, he owes a balance of $124,000. Is it out of the question for us to represent ourselves at the hearing?
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
It is very unusual for a creditor to attend the 341a meeting. What do you hope to accomplish there? At best you will be allowed to ask the debtor(s) a few questions.
It's not clear from your facts what you are trying to accomplish or what your concern is. You also didn't state which bankruptcy chapter was filed, which definitely affects things.
Are you concerned about the bankruptcy trustee selling the property? If so, why? What is the property worth now? Do you think it's worth less than what you are owed? If not, why do you care if it is sold? You will get paid in full either way.
If you don't think the Trustee is selling the property then you have a right to foreclose pursuant to your Note and Deed of Trust (subject to the laws of whatever state the property is in).
Answered on Feb 09th, 2014 at 3:34 PM