341 is done and it's just a beginning

[hcl]

I just had my 341 - non-consumer chapter 7. Besides the usual questions, Trustee asked me for all business records - bank statements, financial statements, accounts receivable. This business has been inactive since 2008. He wants everything prior to that. What a nightmare. I'm not sure my accountant has all these records. What should I do??????

[hcl]

I am just wondering if it normal to ask for all these business financials at 341. Should I be worried?

[hcl]

I'm sorry, I'm talking to myself. My 341 was on 6/11/10. The Trustee asked for business financials. I just checked Pacer. The last update was on 5/20/10. Should it be updated by now? Any thoughts? I appreciate your responses.

[Blueboy]

Hi hcl, sorry someone hasn't piped in before now.

It isn't unusual for the trustee to ask for those document they are likely wanting to see that there are no business assets that could be taken. If your business has been inactive since '08 I wouldn't worry about it. Just as long as you are being completely honest you have nothing to worry about.

I would have thought the 341 results would be posted at this point, I'd ask your lawyer about that one.

[hcl]

It has been almost a month since my 341 and there is no update on PACER. My lawyer said I should not be worry. He didn't get anything from the Trustee's office. But I worry. Last filing was 5/20/10. Should it be updated by now? Any response woulbe be appreciated.

[hcl]

I'm sorry to be so annoying. It has been a month since I subitted additional docs the Trustee has requested (financials for the company). Just today Trustee's assistant contacted my lawyer requesting some explanaiton to previously submitted docs. My 341 was June 11th. Is it normal? It looks like he just now started to look into my case. So nervous.

[lookingforward]

My husband is a sole prop. We filed ch 7 and submitted all business records along with personal. The USTrustee investigated us for about two weeks before the 341. Our lawyer said that was pretty normal with a business that used to make money but didn't anymore. As long as you are honest and give them all the financials they ask for, you shouldn't have any problem. We didn't, we just turned over everything and they went through it. It didn't delay our 341 or our discharge. Don't worry, as long as you aren't hiding anything you will be fine.

[eastbaybk]

Make sure your lawyer understands your concern. When there is a business involved it is very common for Trustee's to want to ensure that there aren't any assets out there they can liquidate (i.e. products, inventory, etc.). You might have a good grasp on your business but they don't and so they want to check records. Normally, you provide what they ask and they are satisfied. Here, quite a bit of time has gone by and so again, I would check with your attorney. Depending on where you are located some districts are simply very, very back-logged, which means cases move slowly. Best wishes.