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341 Today - potential problems?

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  • 341 Today - potential problems?

    It is today and I am a nervous wreck. We know it is going to be an asset case. I had a mutual fund that failed to get discussed wiht anyone, even though we asked, so we now know that will be taken. I also will be telling them that we will need to ammend our schedules. We did mark that we had transfered property, even on the trustees paperwork, but we left off an item that we sold. Just shy of 120 days, I sold one of my cameras and lens to my parents. they paid over fair market value for it. will that be a problem? so they had been helping us out in the past wince my husand had not been recieving a paycheck from our failing busienss. (thus the BK 7, business failed and we are personally liable for the debt). But it go tot eh point that in order to ask for my paretns for more money, I would have to give something up. So I sold them that. I have no idea what they intend on doing with it, it is theirs. and my dad is a photographer. (so am I). so we are going to divulge this a at the 341. how much of a problem am I going to have with this? I knwo that the family thing can be a sticking point and I hear that my Trustee is a stickler for things.
    On a side note. we were going to be filing BK for our busienss only, but once our attorney saw how much would come back to use personally, he sugested the BK7 for us. we have like 28 days from when that happend utnil we filed, so we had no time to plan anything. Guessing the Trustee wont care about that one.

    Any thoughts?

  • #2
    Welcome to the Forum. But you certainly did wait until the last minute to log in and ask these questions.

    Selling the camera and lens to your parents should not be a problem provided that you can prove that they paid fair market value. The problem you are thinking of, 'preferential insider payment' would happen if YOU had paid your parents back any money $500 or more in a year's period and had not made any payments to any of your other creditors. That doesn't apply here. The potential problem here would be if you had sold the camera and lens BELOW market value. As I said, as long as you can prove they paid the fair market value, you should be okay.

    As to the mutual fund, I don't know at this point.

    You said that you already know you are going to have to amend your schedules. So when you go before the trustee, answer all the questions truthfully, but do not volunteer any information unless asked. Keep answers short and sweet: "yes sir/ma'am; no sir/ma'am" as appropriate.

    When you are asked "is everything in your paperwork true an correct?" Say "no sir/ma'am. We are going to have to amend the schedules to include *fill in the blank*" If you are asked further about the missing items, then explain that you overlooked them.

    Depending on how 'picky' your trustee is, your case may be continued to the next month to give you time to correct the paperwork. But chances are, that you will be told to get the corrections made in the next several days and you will be on your way.

    Good luck to you both today. Dress conservatively and leave any flashy jewelry or bags (bling) at home. The less attention you can draw to yourselves, the better.

    Leave plenty early for the meeting place so that you will have plenty of time in case of traffic or parking problems.

    Again, Good Wishes to you. Please let us know how it goes.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."


    • #3
      thank you. yes - I know last minute. thigns for use happed compeltley last minute. We just did the amendment on teh Mutal fund last week so we never had any time to plan anything before we filed. We know that the trustee did also hire their own attorney in our case. we beleive it is to handle the paper work for the Mutal fund portion of it.

      I have not paid by parents any money at all in the last 2 years or even beyond. so there is no preferential treatment at all on that one. I do have FMV on the items that I pulled. Which really does show that they paid above FMV by about $2000. Again not sure if anyone will get into trouble for over paying.

      Our attorney gave the same advice. Whne asked if everything is correct to say no that we have to amend ... etc. so I am prepared to state that. and feel pretty comfortable with what other questions they will ask. Do I need to be concerend about not having a bill of sale?

      We are both wearing what we would for work - I work at a law firm so I hve to dress nice any way, but busienss casual. and I only have on my wedding band and earrings. Hopeing that is not too flashy. should I just not bring my purse? I dont think it is flashy - (seatbelt bag) but I have no idea what to expect at this point.


      • #4
        Your dress will be fine. And the wedding band is fine.

        I don't think you need to worry about the bill of sale for the camera and lens. If you had sold something like a car or boat that needs a title, then yes. But in your case, no.

        As far as the dressing goes, there are numerous stories in the 341 Board of debtors wearing their expensive designer clothes and carrying designer bags, etc. to their 341s. One wonders at the thought processes...

        It sounds like your attorney did prepare you well except for missing the mutual fund and everything being rushed.

        Take a bunch of quarters with you in case you need to feed parking meters.
        Last edited by AngelinaCat; 09-26-2013, 10:22 AM.
        "To go bravely forward is to invite a miracle."

        "Worry is the darkroom where negatives are formed."


        • #5
          how did it end up going for you?


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