Nervous Wreck… 341 meeting this week.

[Acuraboi]

Hello everyone,

I filed Chapter 7 this month and my 341 meeting is this week. I filed my statement of intention this week and today I received a reaffirmation agreement from Ais (capital 1) stating that my balance is $14k and the Market Value of the vehicle is $21k… When I check KBB while filling out my schedules the Trade IN Value was around 16k so I went $500 over that and exempt the equity around $2k…. Will I have any issues with this at my 341 meeting? I’m stressing out since the Market Value is over my exemption amount…

Also I have Zelle payments on my bank statement that I was transferring to my self because my bank doesn’t have fee free atm near me anymore. So I transfer money til hru Zelle to myself (my name is on the transactions) Will this be a issue?

I’m a nervous wreck.

[Horseshoez]

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@Acuraboi wrote:

Hello everyone,

I filed Chapter 7 this month and my 341 meeting is this week. I filed my statement of intention this week and today I received a reaffirmation agreement from Ais (capital 1) stating that my balance is $14k and the Market Value of the vehicle is $21k… When I check KBB while filling out my schedules the Trade IN Value was around 16k so I went $500 over that and exempt the equity around $2k…. Will I have any issues with this at my 341 meeting? I’m stressing out since the Market Value is over my exemption amount…

Also I have Zelle payments on my bank statement that I was transferring to my self because my bank doesn’t have fee free atm near me anymore. So I transfer money til hru Zelle to myself (my name is on the transactions) Will this be a issue?

I’m a nervous wreck.

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I assume based upon this post you are filing pro-se.  Does your district have a class on how to file?  I believe vehicle loan related aspects are typically covered in such classes.

Regarding your specific points:

• I'd relax on the Zelle issues, that is easily explained.
• The car may be more of an issue; before your 341 I'd do some research on comparable vehicles in your area, or even pay to have your car professionally appraised.  If you can show a good deal of evidence indicating your car is worth say, $16,500 then CapOne's estimate of $21,000 will most likely be dismissed.  Regardless, you are most likely going to be on the hook for any additional valuation over the exemption, so worst case, if the Trustee decides to use CapOne's number, then you're going to need to pony up an additional $4,500.

Disclaimer, I am not an attorney and I have never been through a Chapter 7, so what I wrote above is a distillation of what I have gleaned from this forum.

[Acuraboi]

Thanks @Horseshoez let me clarify 

capital 1 sent a reaffirmation agreement based off my statement of intent filing. Their not asking to reaffirm for that higher amount, only for what is owed (lower amount). The higher amount is noted on the agreement as MARKET VALUE not trave in value which is the amount I put on my schedules.

The agreement was sent to me, do you think a copy of that agreement was sent to the trustee as well? 

I'm hoping not and he doesn't see it. I'm totally stressing.

[GulfCoastSteeler]

Happened to me, and didn't cause any issues.

My lawyer told me that finance companies will often overvalue vehicles.

I claimed KBB private party fair condition value in my case. The lender said it was worth about $2000 more.

Mind you nothing is written in stone, but I'll wager that unless you try claiming some wildly lowball value that what the finance company says shouldn't be an issue.

[Acuraboi]

Thanks @GulfCoastSteeler I sure hope so. My MOV isn't h til Thursday. I'll be stressing for the next 5 days. Plus I'm alittle worried about the Zelle transfer. But they all were to myself. 

[GulfCoastSteeler]

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@Acuraboi wrote:

Thanks @GulfCoastSteeler I sure hope so. My MOV isn't h til Thursday. I'll be stressing for the next 5 days. Plus I'm alittle worried about the Zelle transfer. But they all were to myself. 

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These are easily explained. I wouldn't worry about them.

[Traveler101]

Relax. You should be just fine. With a good attorney and sensible explanations it's cake walk. It's when you are deceptive and they feel like you are trying to hide something is when there is a problem. They run people though like herds of cattle. And creditors virtually never show up. It's a write off and the generally don't even bother. Best of luck to you and see you on the other side.

[jnassif1989]

I just had mine and was also super nervous. As long as you had a good attorny and everything was listed/truthful you will be good to go. The guy in front of me tried to hide some expenses and got caught and he got hit with a slew of questions. You'll do just fine! Good luck!