YESTERDAY AT THE 341.............by Steve Duhl 
Wednesday, March 2, 2011, 10:57 AM
Posted by Administrator
For the usual Chapter 7 bankrtupcy, you don't need to see a judge. You do need to see one of the court appointed Trustees...whichever gets your case....at the medical building that the Bankruptcy Court rents space in on Flagler Drive in West Palm Beach. It is the building two doors North of Good Samaritan Hospital and there is a great view of the Intracoastal and Palm Beach from a window to the left of the elevator landing on the 8th floor.

I was there, yesterday.

And, as I sat waiting for my client's case to be called in the meeting room which is attached to the waiting room, I watched the Trustee question some DEBTORS WITH MONEY.

"I see you have a Rolex. Did you bring it with you?", the Trustee said.

"Yes", the DEBTORS WITH MONEY answered as they handed the trustee a small blue, velvet bag. The Trustee's assistant later noted in her laptop that it was a Presidential Rolex.

"I'm going to need for you to sell out your brokerage account and get me a check and a copy of the closing statement.", the Trustee said.

"OK", said the DEBTORS WITH MONEY.

Sometimes, in these Chapter 7s, the Debtors have to give up some assets. It is almost-never that it is household furniture, or cars or houses but.......I guess sometimes it happens. It is the lawyer's job to anticipate what is going to happen at the "341 Meeting" and to tell the clients what to expect....sometimes even to plan (withint he limits of the law) to minimize what the Debtors will have to give up.


Yesterday, on this one, the Trustee was going to make some money and make a distribution to the Debtors' creditors.

My clients were the last 9:30AM. They had nothing. We were done in 2 minutes.




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