Credit Report Experts

As part of your Chapter 7 or Chapter 13 bankruptcy, you’ll attend a hearing often referred to as the “341 Meeting,” given that name because it refers to that particular section of the Bankruptcy Code where its procedures are described in detail.

1.     What Is the Difference Between a Bankruptcy Hearing and a 341 Meeting of Creditors?

Nothing – they are one and the same thing.  And this meeting is conducted by the bankruptcy trustee assigned to your case and the other participants could be someone representing your creditors.  The whole purpose of this meeting is simply to answer in person the trustee’s questions about your assets and debt situation mainly referring to the information you submitted on your bankruptcy schedules.

Therefore, a “bankruptcy hearing,” also known as a “341 hearing” or “first meeting of creditors,” has as its purpose to determine whether your bankruptcy petition will be approved or dismissed.  And even though it is called a “meeting of creditors” it is extremely rare for creditors to attend these meetings, although it is the law that they be invited to the hearing.

2.     What Should I Bring With Me?

Basically, plan to bring a photo ID and Social Security Car to prove your identity.  This has become the means to prevent identity theft and bankruptcy fraud.

Your attorney will advise you of other documents to bring, which may include tax returns, documents which show your status as a homeowner, and/or documents which verify reaffirmed debt, such as a a car loan.

3. Who Will Attend the Hearing?

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Legendary investor Warren Buffett has been making the financial news rounds with his claims that gold is valueless, and that the metal is experiencing an exaggerated bubble that is set to burst sooner rather than later. On the Edge host Max Kaiser asked Ned Naylor Leyland of Cheviot Asset Management on his opinion of Buffetts gold rhetoric, and Naylor responded that Buffett must have an ulterior motive for the claim considering golds performance as compared to Buffetts own Berkshire Hathaway. Kaiser went further, labeling Buffett a financial terrorist whose meddling in banking institutions and broader impact on the financial markets tinges the investors comments with dishonesty.

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In the midst of the heavy filing season, discovering that you’ll receive extra cash flow back from the IRS is a wonderful feeling. Me, I might take a trip to the mall and buy some new black jumpsuits that I don’t necessary need. Living in the moment and spending money carelessly hurts so good, doesn’t it?

If you’re receiving a tax refund, great! I love guiding people down the blind alley of bad credit with their foolish spending. Here are some ways you can blow your tax refund if you want me hanging around your credit profile until next year:

• Get ahead of yourself To those of you who pay a fee to get a refund anticipation loan because you need money instantly, I salute you. RAL borrowers, according to The Community Investment Network’s website receive short-term cash advances against their anticipated income tax refund. Didn’t receive as much refund as you anticipated? Then those loans you preconditioned are sure to rack up and lead you to me! It would bring me much pleasure if a refund application loan turns out to be a case you biting off more than you can chew.
• Don’t pay your debt down or off Every dollar you pay toward your credit debt attributes to my demise—and makes you wealthier. Some people see

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I last blogged on my search to buy a new condo in November. In early December, I stopped looking for two reasons. The first was the practical issue of just not having enough time to look with the holidays coming up.

The second reason was that vendors continue to believe their condo was worth more than what the market thought. Looking at a very narrow desired price range and in a small geographic zone, we (my real estate agent and I) saw three different places drop their prices after languishing on the market for a long time. I was unwilling to buy in such an inflated market especially with a large supply of condos coming on board locally.

However, as promised in my last update about my real estate search, here is how my real estate agent looks at pricing (any mistakes are my own). My one huge caveat is that this type of analysis is only supposed to give you a rough guide into valuation.

There are other factors that will play into price (willingness/desperation of vendor or purchaser cannot be captured into a spreadsheet). The primary purpose of this analysis is to see whether the vendor is even in the ballpark and to walk into negotiations with more than “your pricing is crazy” as the primary negotiating point.  Wi

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From the effects of opening a new credit card on one’s credit score, to the importance of paying off one’s balance in full, consumers often carry a lot of false information about credit cards.

And these misconceptions have consequences, as high levels of credit card debt have led many consumers down the path towards Chapter 7 bankruptcy.

While Chapter 7 is often an effective tool to combat credit card debt, savvy use of a credit card can help prevent you from filing bankruptcy.

A recent article in the San Francisco Chronicle highlighted four common misconceptions that consumers have about credit card debt:

• I pay my balance in full, so I have no debt. While it is smart to pay off your balance in full every month, this does not mean that you have no debt. As soon as you pay for something with a credit card, that information is sent to credit reporting agencies as debt, even if you have yet to see your monthly bill. So, if you are taking out a new loan, you may want to pay off your credit card balance, even before you receive your bill.
• Applying for a new card will hurt my credit score. Not necessarily. In

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