Had my 341 this morning and I am nervous....
Hello everyone,
I just had my 341 this morning and am a little worried.
~We are filing chapter 7,
~surrendering our rental property (which is under water about $40,000)
~keeping the home we bought in 07 for $485,000 now worth $435,000
(I do understand we have not been hit as hard as a lot of other areas)
~discharging our credit cards in the amount of $50,000.
Our income is about $20,000 over the state allowance for a chapter 7, however we did qualify on the means test according to our attorney and have very little cash flow after all our expenses (excluding what we are discharging).
My husband and I both lost our previous jobs late 07 and 08 and now are making much less $..... Wow, I feel faint just spelling it all out
The good news is I think I do have a good attorney, totally prepared, she even brings her laptop with her incase the trustee asks for anything, which he didn't.
What has me concerned is the questions the trustee asked~
~When did we buy the house we live in now and how much $ down did we put?
(we put 10% down, about $48,000 which is part of what got us into this mess as we ended up owing taxes from cashing this $ in from our retirement account)
~ And then he asked if the money we did have (only about $8,000) is all in IRA accounts?
(Yes, all in IRA's and another $3700 in gift trusts for my children).
My question is ~should I be worried and are these normal questions?
Also how do I access Pacer? My attorney wasn't available to ask as she had a few more clients after us.
Thanks for all the help and support, I would be going crazy without this forum!
I just had my 341 this morning and am a little worried.
~We are filing chapter 7,
~surrendering our rental property (which is under water about $40,000)
~keeping the home we bought in 07 for $485,000 now worth $435,000
(I do understand we have not been hit as hard as a lot of other areas)
~discharging our credit cards in the amount of $50,000.
Our income is about $20,000 over the state allowance for a chapter 7, however we did qualify on the means test according to our attorney and have very little cash flow after all our expenses (excluding what we are discharging).
My husband and I both lost our previous jobs late 07 and 08 and now are making much less $..... Wow, I feel faint just spelling it all out
The good news is I think I do have a good attorney, totally prepared, she even brings her laptop with her incase the trustee asks for anything, which he didn't.
What has me concerned is the questions the trustee asked~
~When did we buy the house we live in now and how much $ down did we put?
(we put 10% down, about $48,000 which is part of what got us into this mess as we ended up owing taxes from cashing this $ in from our retirement account)
~ And then he asked if the money we did have (only about $8,000) is all in IRA accounts?
(Yes, all in IRA's and another $3700 in gift trusts for my children).
My question is ~should I be worried and are these normal questions?
Also how do I access Pacer? My attorney wasn't available to ask as she had a few more clients after us.
Thanks for all the help and support, I would be going crazy without this forum!
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