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Is having very little proprty a red flag for Trustee

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    Is having very little proprty a red flag for Trustee

    So I filed Pro Se, Ch 7 , my income is way below the median income for means test, don't have any assets, literally. I really don't own much of anything, most of my furniture is from Estate/Garage sales, only thing relatively new is my couch, about 2 years old, paid cash for it, everything else is old, old old!

    My TV isn't even a flat screen and I mean it still has that concave shape, very old school, analog.
    Dont own a car, house, nothin!

    My mattress is over 12 years old.

    Washer and dryer used and old.

    My property was less than 1500.00.

    Do you think my having very little property will cause the Trustee to question my petition?

    I am stressing out because I don't want any problems.

    I just keep thinking what if the Trustee thinks I am hiding something, but I am not, just don't have a lot.

    Haven't used CC in 4 or so years, they were charged off 3 years ago and they were those "crappy credit" credit cards anyway with small limits.

    Will he just look at my schedules and think, nope, she has nothing, not worth the effort to go after anything.

    Glad I am not a drinker or I would probably be drunk everyday from the stress!

    #2
    I think the only time having no assets raises an issue is if you are trying to discharge a ton of unsecured debt ($100k or more has been mentioned on these boards), particularly if you accumulated all of that debt just before filing
    Filed Ch 7 - 07/10/08
    341 Meeting - 08/13/08
    DISCHARGED! - 10/15/08
    CLOSED - 10/20/08

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      #3
      Generally, I don't think you have any issues at all. As posted, if you had made $100K in purchases, and had nothing to show for it... that would look suspicious. However, even that could be explained by things like gambling and other addictive habits.

      So long as you're honest on your forms... facing the Trustee at the 341 is nothing to worry about. I say this because it is what it is, at that point.
      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

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

      Comment

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