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Statements for Attorney

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  • Statements for Attorney

    Can anyone help with this?

    We are supposed to file on Wednesday, July 5. The checklist says to take "3 months bank statements for all open bank accounts".

    The last actual statement date for any of our accounts is 5/31/17. So do I take statements for March, April, May?

    I would think she'd want to see the detail for June. Should I print out transaction history up to the filing date for each of these accounts, since statements will not be issued yet?

    Are these going to be sent along with our bankruptcy petition, or just for her to review?

    Thanks!

  • #2
    They typically want the last 3 actual statements, which in your case is March, April and May. Then, most trustees wants to see the running balance up to the day of your filing. Since your 341 Meeting will be in August (based on the typical 30-days from the filing date), you should be able to provide that information.

    The statements are sent to the Trustee (and never filed with the Court). The Trustee reviews these to get an idea of your finances (income/expense) prior to filing. You only need to provide the actual statements which were issued prior to filing. Again, the Trustee will ask for an updated running balance when it comes to the 341 Meeting.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Okay, that's pretty much what I figured ~ but I just wanted to make sure. It seems weird for them to not want to see over a month's worth of activity prior to filing. But we take that to the 341 meeting, and they see it then. Gotcha. Thanks!

      There are three of these savings accounts (two of the kids', one that is ours) which had no activity for May -- so they did not issue a statement. So I assume I would just take February, March, April for those.

      Comment


      • #4
        They'll want those June statements when you have them, and they'll want your July statements at or before the 341 hearing, which will probably be in early August if you file in early July as planned.

        As for the accounts that had no activity, do yourself a favor and put a dollar or two in them so that you get a statement for the month you file. My panel trustee got grouchy when I didn't have statements for a couple of dormant accounts that had no activity and thus no statements. I ended up printing the entire history for one of the accounts (3 years worth!) and gave them to my attorney, we told the trustee she was welcome to add up the hundreds of transactions to see that there was, in fact, a zero balance on the day I filed. The day after we sent that I got my report of no distribution. So it's not a big deal, but you'll save yourself a potential headache by doing something to get a statement.
        This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
        Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17

        Comment


        • #5
          I can print the last 90 days of transactions for any of these accounts, and I believe it does show a running balance. I just wasn't sure if they'd want that, or if it *must* be actual statements.

          We're dealing with EIGHT accounts here -- our checking, our savings, then each of our three children have a savings account and a debit card account. This is not counting the checking account we closed a couple of months ago (yes, I printed 6 months of statements in case they are requested). I also realized today that we have a savings account with the credit union where we have the vehicle loans -- had to put in $10 and it has always been $10. So that is technically TEN accounts for one family... Of course, that is also not counting each of the kids' CDs we had to cash out. o_o

          So. I just want to make sure they have what they want.

          Comment


          • #6
            I also don't understand how much cash it is ok to have in our wallets (if any). Is there a point in the attorney's office where you have to empty them out? Lol, but seriously. I don't get it. I understand that we can't show more than $800 combined on the day of filing in any accounts -- including the cash value in our kids' policies. But can you have $10.26 in your wallet? $20? Zero? Does this even come up?

            Comment


            • #7
              There is a limit to cash on hand. It is treated the same as cash in bank. Your attorney will need to make sure you have enough exemptions to cover your cash on hand (and as much cash in bank as possible).

              As for dormant accounts, you can always go to the bank and have them give you a running balance base on any date range.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                justbroke, do you think that cash on hand just goes along with the $800 limit (for the two of us) of "intangible personal property"? So we could have no more than $800 between all accounts AND what we have in our wallets? That is what would make sense to me... just seems like there is no way to verify this, except opening up your wallet and showing your attorney what you have.

                Going to the bank would be a nice option. These accounts are all with Capital One online. We closed the account with the bank here in town, because we have a credit card with them which will be included in the bankruptcy AND they wanted to charge us a $6.00/mo. fee as soon as we switched our direct deposit over to Capital One.

                Not having an actual bank we can go to doesn't seem like a great idea long-term.

                Comment


                • #9
                  I don't know how your exemption scheme works or how your attorney is allocating the exemptions across your property. The word "intangible" seems like something you can't touch.
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog


                  I am not an attorney. Any advice provided is not legal advice.

                  Comment


                  • #10
                    Well that's what I'm saying. In all of these meetings with attorneys, the subject of CASH was never mentioned. We have $10,250 each for exempt property. Actual *stuff*. And $400 each of "intangible personal property" ~ which has always been discussed re: accounts.

                    Oh well... I guess we just won't have much cash in our wallets, and see if it comes up. {shrug}

                    Comment


                    • #11
                      10,250 each is all for exempt property? It's amazing how much this process varies state by state. You would think a federal bankruptcy would have federal exemptions mandated across the board for property, home equity, etc.

                      Comment


                      • #12
                        Hook ~ yep, we get $20,500 together for property & $800 in accounts. Equity in our home is safe up to ~$40,000 combined (I don't remember the exact number on this because we aren't close to it). Federal exemptions do not apply in Indiana.

                        Comment


                        • #13
                          Originally posted by Chrysalis View Post
                          I can print the last 90 days of transactions for any of these accounts, and I believe it does show a running balance. I just wasn't sure if they'd want that, or if it *must* be actual statements.

                          We're dealing with EIGHT accounts here -- our checking, our savings, then each of our three children have a savings account and a debit card account. This is not counting the checking account we closed a couple of months ago (yes, I printed 6 months of statements in case they are requested). I also realized today that we have a savings account with the credit union where we have the vehicle loans -- had to put in $10 and it has always been $10. So that is technically TEN accounts for one family... Of course, that is also not counting each of the kids' CDs we had to cash out. o_o

                          So. I just want to make sure they have what they want.
                          I had several brokerage accounts that I never used but were still open. Wanted to get my finances in order, start investing, etc...life happened, got further into debt, went BK. Trustee wanted actual statements for all of them within 24 hours of the hearing. Some of them, as I mentioned, wouldn't generate a statement. So, trustee was grumpy, but I provided the account history (in some cases showing no deposits), my attorney said that would be enough, and 2 days later I got my report of no distribution. So it's PROBABLY not a disaster if you can't get actual statements, but it'll depend on your trustee, and your attorney may have to steer things a little.
                          This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
                          Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17

                          Comment


                          • #14
                            I ended up printing the last 90 days of transactions from all of the accounts -- and my attorney said that was great. I had some statements printed out and I still have them, because it seems she preferred the most recent 90 days with running balances.

                            Also on the subject of cash: I did find out that it is included in that $800 "intangible" total. With all of the cash in our wallets, balances in accounts, and cash value on the kids' policies, we totaled up to like $778 -- so hopefully ok there.

                            Comment

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