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2004 Exam--How much will it delay my case?

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  • 2004 Exam--How much will it delay my case?

    Just when I thought the worst was behind me, the trustee is seeking a rule 2004 exam. In my case, it looks like the only thing he really wants is about $1500 of stock I discovered I owned just before filing and didn't have time to liquidate before filing. He's asking for other documents, but most of those documents (e.g., credit card and bank statements) were already provided and have nothing incriminating in them (I stopped using my credit cards 11 months before filing and had little income, so there's no spending that he can go after). So I'm not worried about this at all. I won't even be involving my attorney, because he charges extra for these and we just don't have extra money to spend.

    The one thing I am concerned with is the timing. My 341 meeting was November 17, 2014, making the 60 day period January 16, 2015. But, the rule 2004 exam is just going to delay everything. The letter was sent on December 9, 2014 and give me until December 29, 2014 to reply. Unfortunately, I'll have to take most of that time because I have to wait for the stock liquidation to occur. Then, the letter said that they could request a deposition, with at least 28 days notice. Hopefully, they won't request a deposition and are solely interested in getting the stock. But if they do request a deposition, it won't be until the last week of January at the earliest, well after the 60 day period ends. Aargh!

  • #2
    If you are comfortable with this and if you were a "Phoenix" filing (as opposed to Tucson). . .

    Please post the first initial of each name in the law firm hired by the Trustee. For example, if the firm was Able, Cane and Smith, PC, you would post ACS. I should be able to figure it out. Assuming I can, I may be able to tell you the typical procedure.

    Des.

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    • #3
      L&n

      Comment


      • #4
        That is what I figured. Your discharge will not be delayed. Get the documents to L&N as quickly as possible. Make sure the documentation is complete (or as complete as can be). The more complete your responses the less likely a 2004 examination will be needed. If only a few questions are anticipated you could suggest an informal telephone call. This particular firm is very easy to work with.

        As to liquidating the stock, unless you have already been instructed to liquidate, don't. The stock belongs to your Trustee and you have no right to do anything without his/her permission. Make sure L&N has given you the authority to liquidate with all proceeds to be turned over. You will also want to discuss with your attny any tax consequences of liquidating the stock. The bk estate should cover any capital gain there may be.

        This is all par for the course so don't worry. Just cooperate with the Trustee and his/her attny and you will be fine.

        Des.

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        • #5
          Originally posted by despritfreya View Post
          As to liquidating the stock, unless you have already been instructed to liquidate, don't. The stock belongs to your Trustee and you have no right to do anything without his/her permission. Make sure L&N has given you the authority to liquidate with all proceeds to be turned over. You will also want to discuss with your attny any tax consequences of liquidating the stock. The bk estate should cover any capital gain there may be.
          Thanks for your prompt response. As to the stock, L&N specifically instructed us to liquidate the stock and give it to the trustee.

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          • #6
            Your 2004 exam should not stop or delay the BK process. The trustee only wants to know what has happened to the money involved.
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."

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            • #7
              Well, it looks like the 2004 will delay, at least for a little bit. They requested a 2004 date for January 22, 2015 which is outside the 60 day period. Clearly, I'm not getting a discharge on January 16, the 60-day date.

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              • #8
                Originally posted by avengers View Post
                Well, it looks like the 2004 will delay, at least for a little bit. They requested a 2004 date for January 22, 2015 which is outside the 60 day period. Clearly, I'm not getting a discharge on January 16, the 60-day date.
                No, no, no. Unless Adam files a Motion to Extend the deadline to file a 727, you WILL get your discharge. His moving the 2004 exam to the end of January has no impact. Did he file a Motion to extend the 727 deadline? The deadline is 60 days after the 341.

                Des.

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                • #9
                  Thanks for the info. No, they didn't file a 727, though obviously he has time to do so.

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