341 set for Aug 25th - Freaking out again

[stephenm]

So I get my letter in the mail today telling me about my meeting and who the trustee is. I've done an hours worth of google searching to find he happens to *only* do bk's, real estate and collections! Are we *sure* the selection of trustee's is random. Is this just a continuation of bad luck/mistakes on my part?

My lawyer is a trustee and she keeps telling me everything is going to be fine. I'm over the median income for Georgia but when she does the means test, I have negative 118 dollars for a repayment plan. The only thing she see's that can objected to is my $60 internet bill since it isn't needed for the health and well being of the family (I'm only in IT and *need* the cable modem for me JOB). My first and second mortgage are above IRS standards and I was current up till filing but everything is less then IRS standards.

I have two investment houses who's title are in an S corp's name but the mortgages are in a business partners name. We both have 50% interest but he has taken over the payments since I no longer can and the houses have been on the market for over a year and the values have dropped to what is owned on them. I was told not to list the houses as assets because they aren't mine and the debt is in someone else's name and they have no equity. The S corp is listed in the filings. I'm concerned the trustee is thinking I'm trying to hide something when he does title searches.

Thanks for letting me ramble.
Stephen

[Phillymanhere]

If your lawyer is a trustee and he seems sharp, I think you can chill. I'm sure the trustees know each other and give each other some respect. And your lawyer has his rep riding on this. He's not going to mess up a case in his backyard.

I'm sure the trustees from the area all attend various meetings, get memos, etc., and they discuss what's acceptable and not acceptable in filings. Trustees know how most other trustees think in their area.

Yes, your case seems complex, but that's OK. I could follow it and I'm not a lawyer. I don't understand the criticism of the $60 cable internet connection. Internet connections are pretty much a necessity these days. I don't get that one.

You'll be fine!

[crazycat]

..."I have two investment houses who's title are in an S corp's name but the mortgages are in a business partners name. We both have 50% interest"...."I was told not to list the houses as assets because they aren't mine and the debt is in someone else's name and they have no equity"????? Huh?????You have conflicting statements here of accepted ownership and then no ownership...You better start pulling out your "ownership" agreements, market analysis reports/appraisals etc and have ready for the Trustee...Best to be up front and own a $0 equity house (with back up paperwork) than to say nothing and have major issues later...Just an opinion...

[Flamingo]

My lawyer is a trustee and she keeps telling me everything is going to be fine. I'm over the median income for Georgia but when she does the means test, I have negative 118 dollars for a repayment plan. The only thing she see's that can objected to is my $60 internet bill since it isn't needed for the health and well being of the family (I'm only in IT and *need* the cable modem for me JOB). My first and second mortgage are above IRS standards and I was current up till filing but everything is less then IRS standards.

A home internet source that is required for one's job should be reimbursed by one's employer or you could claim it as a home office business expense deduction on your taxes. So if they want to piddle and remove that, they can. You can always have your job pay for it and get it reinstalled or if your company requires you to work from home, they should be paying for a laptop and wireless and provide it to you. You state "family" above - the other thing you can argue is that your children need the internet to complete homework assignments and you don't have the resources or capability of taking them to the school library to utilize the free internet there due to timing (job), expense and travel situations.

[stephenm]

Thanks.

I've given her the docs on the houses and pay off amounts so when asked by the trustee, she already has it and can turn them over. As for the ownership, I'm told from the law's standpoint, I don't personally own any of the houses, the S corp own's the houses while I have 50% ownership of the S corp. Same thing with inventory. I personally think the inventory of the company is 2 houses but I was rattled off what inventory means from the laws standpoint and told houses don't fit (which is what my cpa told me also when doing my taxes. Don't even get me started on how screwy the tax code it). Also, in both cases, I'm asked to list the value of my ownership in the S corp, which is $0 and the value of any inventory from my business ($250 for my computers). I'm told I will disclose the houses at the 341 and provide the paperwork if requested. Personally, I just don't think it makes common since not to disclose that but I've disclosed everything to my lawyer as I can, including my $100 bonsai tree or a camera that I bought over 6 months ago for my niece that cost over $100 (my car was broken into and her camera stolen).

As for the internet, I work for the state. They provide a laptop for when I'm on the road and will pay for internet at hotels. At home, the internet is for when I'm on call. I could always drive into work at 3:00AM when there is a problem...

I used the word "family" since that is what the forms say. That irks me that cable can be including for kids (I don't have cable and think it rots kid's brains and actually promotes spending).

Ok, I'm off for a training conference for work. Perhaps that will get my mind off of things.

Thanks again for listening.
Stephen