How much should I be worried about this at my 341?

[tjs1970]

On my petition, my tax return income for 2009 and 2010 income is listed as well as unemployment income in each of those years. I had been laid off from a few jobs over the past few years and got my real estate license. In between certain months making income, none of which was guaranteed and straight commission, I filed for unemployment and was granted it. The amount of unemployment for 2010 was over 30k as I was in the highest benefit level. I am worried that this will come up and be questioned even though none of it was used to compute my income for the chapter 7 which only used Jan-June's income.

Also, not too far from this area on the petition it states I lost $10,000 in the last year to gambling.

Somewhat worried these two items could open up a can of worms about the validity of my tax returns, unemployment benefits and spending habits from both the income and gambling.

Unsecured debt is about 80k, I am over the median but just by about 7k a year and squeaked in with the other deductions. House is upside down but in the middle of a modification that I want to follow through on.

I also filed a chapter 7 BK 8 years and 3 days before I filed this one. Not sure if that will become a point of conversation either even though I know it is allowed.

341 is in two weeks.

[drowning123]

Don't worry about it. I deducted some gambling on my prior years' tax returns as well. My lawyer did not raise a red flag. They really only go back 6 months.

[tjs1970]

I didnt "deduct" gambling losses on my tax return, they are listed as question #8 of the petition but could be brought up. I am more concerned that I had $65k in earned income and $30k of unemployment income and they are listed right next to each other.......if I were looking at it for the first time, I might think something was off a little. However, that income was not used to compute the 6 month look back but is on the petition.

[drowning123]

Didn't they get the gambling loss amount from your tax return? Anyway, like you said, that income wasn't used to compute the 6-month look-back. I had all sorts a crap going on with my tax returns - not unemployment, though. You're in the here and now, and right now you're broke and filing for bankruptcy. All the trustee's questions are about the past 6 months - at least in my case they were.

[tjs1970]

341 is done and over with. We got there 30 minutes early to observe the previous group and there were some doozies. One couple had 4 businesses, a horse farm that was questionable, said he was scammed in a ponzi scheme and had $200,000 running through his accounts before filing. Another couple showed up with their attorney and the trustee continued it immediately until mid September because they didnt file a particular form until 2 days before the meeting.....then the female in the couple said she cannot make it because she is on vacation to California that week. The trustee said, I am sorry but you need to appear or have your attorney ask for a continuance closer to that date. Another guy had a bunch of businesses also who he had personal guarantees on his debts to a number of individual creditors, where one of them showed up and didnt know why he was there other than to "see how it all worked".....the trustee advised him to get an attorney himself.

Ours lasted about 8 minutes.....after giving ss card and id to her she asked about my real estate listings that closed after filing and how much I received from them and then mentioned my wife's ring listed for $2500 and then said, "do you have it on?"....can i see it?".......she actually guessed pretty close to the carat size of the ring and asked if I got an appraisal and how much I paid for it which was $9000. Never asked about my unemployment benefits or gambling losses. She said she may further review our exemptions but were free to go. My attorney was there and she said there will be no issue with the exemptions. We think our case went smooth because she did her job and was prepared. It was VERY clear that the pro se and those with poor attorney's had a much rougher go of it in the 341.

[IamOld]

Thank you for sharing!!!!! And best wishes to you!!!

[tjs1970]

Chapter 7 Trustee's Report of No Distribution: I, xxxxxxxxxx, having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. Pursuant to Fed R Bank P 5009, I hereby certify that the estate of the above-named debtor(s) has been fully administered. I request that I be discharged from any further duties as trustee. Key information about this case as reported in schedules filed by the debtor(s) or otherwise found in the case record: This case was pending for 1 months. Assets Abandoned (without deducting any secured claims): , Assets Exempt: , Claims Scheduled: , Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment (without deducting the value of collateral or debts excepted from discharge): . (xxxxxxxxxxxxxxxxxx) (Entered: 08/25/2011 at 09:34:52)

[pathfinders]

1970 congrats...