OK, so there was a lot of sweat BEFORE the meeting 
but the meeting was a breeze. The trustee asked us what circumstances brought us to the point of bankruptcy, asked if the information we provided on the schedules was correct, and also asked if we had sold or surrendered any property in the last 90 days. I answered "yes" to the last one before I had been running a small biz on the side and game my clients to a friend. So the trustee asked if I received or expected to receive anything in return...I said no and that was all there was too it. 10 minutes tops.
I also wanted to pass on what I was told about tax returns. A rep from the IRS office that handles bakruptcy cases did a presentation for us in the class we took after the meeting. He stressed that if we did not owe the IRS money and have filed all of our returns in the past 6 years, nothing changes on our IRS "accounts" (meaning we file as we normally would - even efile - and the refund is not sent to the trustee).
However, if you DO owe the IRS or if you have not filed a tax return at some point in the past 6 years, they will flag your account for special processing. In those cases, once you have submitted past returns that are missing and they have all of your debt to them figured out and put into the BK. While in BK if you are due a refund of more than $2K, it goes right to the trustee and if you owe the trustee money (past due payments, etc.) they can take it from the return. If you are current with the trustee, the trustee will issue you a check. If the refund due to you is under $2K it should go to you. He said because it's a special process, returns take about 16 weeks from the time they are received to be processed.
We don't owe the IRS or anything so he told me the way we file won't change and the trustee will not be sent the refund. And the trustee's rep confirmed this....so I'm assuming they are correct!
We are on a 58 month plan...whew...like looking into the abyss. But we're hopeful!
but the meeting was a breeze. The trustee asked us what circumstances brought us to the point of bankruptcy, asked if the information we provided on the schedules was correct, and also asked if we had sold or surrendered any property in the last 90 days. I answered "yes" to the last one before I had been running a small biz on the side and game my clients to a friend. So the trustee asked if I received or expected to receive anything in return...I said no and that was all there was too it. 10 minutes tops.I also wanted to pass on what I was told about tax returns. A rep from the IRS office that handles bakruptcy cases did a presentation for us in the class we took after the meeting. He stressed that if we did not owe the IRS money and have filed all of our returns in the past 6 years, nothing changes on our IRS "accounts" (meaning we file as we normally would - even efile - and the refund is not sent to the trustee).
However, if you DO owe the IRS or if you have not filed a tax return at some point in the past 6 years, they will flag your account for special processing. In those cases, once you have submitted past returns that are missing and they have all of your debt to them figured out and put into the BK. While in BK if you are due a refund of more than $2K, it goes right to the trustee and if you owe the trustee money (past due payments, etc.) they can take it from the return. If you are current with the trustee, the trustee will issue you a check. If the refund due to you is under $2K it should go to you. He said because it's a special process, returns take about 16 weeks from the time they are received to be processed.
We don't owe the IRS or anything so he told me the way we file won't change and the trustee will not be sent the refund. And the trustee's rep confirmed this....so I'm assuming they are correct!
We are on a 58 month plan...whew...like looking into the abyss. But we're hopeful!
