QUESTION
If I show up for the meeting will the trustee liquidate my $11,000 and pay off my creditors or is it protected under the wild car exemption?
Asked on Jul 10th, 2014 on Bankruptcy - New Jersey
More details to this question:
I filed a Chapter 7 bankruptcy. I did not list my 11,000 on my original petition. I filed an amended schedule C listing all my accounts under the wild card exemption. My attorney suggested that I not show up for the 341 meeting. The meeting has been rescheduled for August 11, 2014.
8 ANSWERS
Why wouldn't you appear? Is your attorney hoping for a dismissal? It would be helpful to actually see your bankruptcy papers, to see the big picture. But you should direct these questions to your attorney. Ask him to explain your circumstances.
Answered on Jul 14th, 2014 at 3:53 AM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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This is going to depend on state law. I would need to know where the $11,000 is sitting to tell you if there is an exemption for it. I would also need to know where the money came from. This is all very specific. Wild card does not apply to bank accounts in Idaho. Having said that, it is always a bad idea not to go to a 341 Hearing. That can be a showing of bad faith and get you in trouble in this case or a later case.
Answered on Jul 11th, 2014 at 4:46 PM
Bankruptcy Chapter 7 Attorney serving Los Angeles, CA
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The Law Offices of Peter M. Lively
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The determination of what is protected by your exemptions requires an analysis of all of your assets and your choice of exemptions. Generally, an inadvertent failure to disclose assets in your original schedules and changes in your choice of exemptions can be corrected without a problem prior to any allegations of fraud by a trustee or creditor.
Answered on Jul 11th, 2014 at 4:36 PM
Domestic Law Attorney serving Vista, CA
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Ralph L. Williams
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Answer: The amendment should amend both Schedule B to list the $11,000.00 as cash or the bank account that it is held in and also Schedule C to claim exempt. Your Trustee and your attorney might be concerned as to why it was left off the original schedules B & C when you filed the petition. Failure to appear at the 341 meeting will normally result in Trustee requesting dismissal. Discuss with your attorney the reasons why he advises that you not appear at the 341 meeting.
Answered on Jul 11th, 2014 at 4:34 PM
You have approximately $26,000 that can be shielded under the "wild card". Your attorney should be providing the answers and I can see no reason not to show up to the hearing unless he has a conflict that day.
Answered on Jul 11th, 2014 at 12:05 PM
Complex Litigation Attorney serving Costa Mesa, CA
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Thomas Vogele & Associates, APC
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If your lawyer truly advised you not to appear at your continued Rule 341a Meeting of Creditors, you should find another lawyer and report the old one to the US Trustee. Your attendance is not optional and failure to appear is grounds for dismissal of your case. It is unethical for any lawyer to advise a client to disobey what is, in fact, a Court order. Show up, tell the truth and you'll be fine once you have a competent, ethical lawyer advising you. Good luck.
Answered on Jul 11th, 2014 at 11:43 AM
The wild card exemption only covers $1,000 in Nevada. Whether you show up for your 341 meeting or not, if you have $11,000 that isn't eligible for an exemption, your bankruptcy trustee can seize that money & use it to pay your debts.
Answered on Jul 11th, 2014 at 10:47 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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In NJ, that is grounds for dismissal of the case.
Answered on Jul 11th, 2014 at 8:11 AM