341 yesterday - doing the happy dance
today. There were 3 cases before ours. The trustee only asked the minimum (names , ss#'s, addresses, whether they read the documents and whether the documents were correct. Also asked everyone if they had any money left over at the end of the month.) Next up - me.
Trustee: who is blank and blank properties?
Me: rental partnership that was sold and closed five or six years ago. (now I am concerned because I didnt disclose this anywhere and couldn't figure out where he got this info from).
Trustee: Why is it still being reported to the IRS?
As it turns out the tax software I use carries forward the partnership name on my return and puts a zero next to it year after year until you remove it. I didnt even notice it when we turned our returns over to the trustee. He was thinking there was some property remaining I didnt disclose. No problem.
Trustee: what did you do with the 840,000 from the sale of stock in 2008? Even my wife turns to me to hear the answer to this one.
Me: I did sell 840,000 of stock in 2008 but it was in 3,000 to 4,000 increments, always reinvesting the proceeds. Basically day trading small amounts of money. Initial investment 3,000 and at the end of the year after all those trades withdrew the funds, approximately 4,500. The trustee smiled.
A few other questions about a small business I run part-time and then he asks " how did you get to this point of filing bankruptcy". Didnt ask anybody else only me.
Anyway, that was the end of it. I was concerned and even my attorney remarked that I had been grilled pretty hard.
No creditrs in the room for anyone. I cant believe that here in Michigan there were over 500 341's yesterday and 99% were Chapter 7. I am definately not alone.
We walk out of the room and an attorney approches us from the mortgage company. He would like to talk to us. We find an empty room and he hands us the reaffirmation papers. I sign the 1st, but advise him I need to think about the second. He advises that my letter of intent states I will reaffirm. I reply that it is my intention to reaffirm, but that I need time to think through all my options. I ask him if the bank is willing to negotiate on the second. He says the bank he represents does not negotiate. I thank him and we leave the room.
Then today, on pacer, my report of no distribution Chapter 7.
I am so glad it posted so quickly. I would have been a basket case if I had to wait over the weekend.
The postings on this forum have really been the best resource I could find for going through this bankruptcy. Thanks to you all.
Trustee: who is blank and blank properties?
Me: rental partnership that was sold and closed five or six years ago. (now I am concerned because I didnt disclose this anywhere and couldn't figure out where he got this info from).
Trustee: Why is it still being reported to the IRS?
As it turns out the tax software I use carries forward the partnership name on my return and puts a zero next to it year after year until you remove it. I didnt even notice it when we turned our returns over to the trustee. He was thinking there was some property remaining I didnt disclose. No problem.
Trustee: what did you do with the 840,000 from the sale of stock in 2008? Even my wife turns to me to hear the answer to this one.
Me: I did sell 840,000 of stock in 2008 but it was in 3,000 to 4,000 increments, always reinvesting the proceeds. Basically day trading small amounts of money. Initial investment 3,000 and at the end of the year after all those trades withdrew the funds, approximately 4,500. The trustee smiled.
A few other questions about a small business I run part-time and then he asks " how did you get to this point of filing bankruptcy". Didnt ask anybody else only me.
Anyway, that was the end of it. I was concerned and even my attorney remarked that I had been grilled pretty hard.
No creditrs in the room for anyone. I cant believe that here in Michigan there were over 500 341's yesterday and 99% were Chapter 7. I am definately not alone.
We walk out of the room and an attorney approches us from the mortgage company. He would like to talk to us. We find an empty room and he hands us the reaffirmation papers. I sign the 1st, but advise him I need to think about the second. He advises that my letter of intent states I will reaffirm. I reply that it is my intention to reaffirm, but that I need time to think through all my options. I ask him if the bank is willing to negotiate on the second. He says the bank he represents does not negotiate. I thank him and we leave the room.
Then today, on pacer, my report of no distribution Chapter 7.
I am so glad it posted so quickly. I would have been a basket case if I had to wait over the weekend.
The postings on this forum have really been the best resource I could find for going through this bankruptcy. Thanks to you all.
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