Does a 401k loan need to be reported to the trustee at the 341 meeting on a chapter 7? The loan was taken just before I filed under the old laws and it is being deducted from weekly payroll. This was not reported on the schedules and my lawyer says don't worry, but I think otherwise since his advice has proven to be worthless before. thanks in advance
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Originally posted by zmaison
Well, it depends upon what the loan was taken out for...
Trustee "May" see it as "Frivioulos" and thus, demand an equal portion for creditors...
Be prepared...To kill the lawyer...
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"but I think otherwise since his advice has proven to be worthless before"
hehe i like that. well, good question. i think it has to be reported. its money, its an account, its a loan, etc. seems like all of that counts as financial stuff.
however, if the attorney said forget about it maybe he has a good reason. if the reporting of that isnt going to help you somehow, take his advice. its his arse.
if somehow that would help you then tell him to change the documents.Im not an attorney or a trustee. You cant trust me either though!
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what was the loan for? I can tell you the U.S. trustee(if it comes to that) will ask you about it. she went over our checks before, during and after our BK. fortunately the checks she questioned were for house, taxes, etc. I am wondering why your attorney said dont worry about it. you never want to be unprepared for anything the trustee may ask for or about.Comment
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