When does the UST get involved?

[kathy4530050]

Anyone? I have about $80,000 in cc debt and a $20,000 second mortgage. My house is going into foreclosure and I own my (only) car outright--kbb value about $3,000. I have no other assets other than household furnishings that aren't worth much and office equipment necessary for my work. I have two dependents. I'm a self-employed consultant with a home office and think I can probably come in under the median when I file. Also, my net income for the past several years would have put me under the median for those years as well.

Does anyone see any reason for the UST to get involved? Based upon what I have read here, it seems like most cases go pretty smoothly unless the UST shows up to the 341. Am I wrong?

Does anyone see any reason why I should be concerned?

Thanks in advance . . . . !

[SubPrimeME]

Anyone? I have about $80,000 in cc debt and a $20,000 second mortgage. My house is going into foreclosure and I own my (only) car outright--kbb value about $3,000. I have no other assets other than household furnishings that aren't worth much and office equipment necessary for my work. I have two dependents. I'm a self-employed consultant with a home office and think I can probably come in under the median when I file. Also, my net income for the past several years would have put me under the median for those years as well.

Does anyone see any reason for the UST to get involved? Based upon what I have read here, it seems like most cases go pretty smoothly unless the UST shows up to the 341. Am I wrong?

Does anyone see any reason why I should be concerned?

Thanks in advance . . . . !

I think you should be OK based on what you have stated. From what I have seen 100K+ is the tipping point in unsecured debt, and over the median is another one. However, the UST can audit any case they wish to- I believe that stat to be around 1 in 1000.

You income is based on your last 6 mos on the day you file.

All cases after March 15th of this year are subject to the income standards, you may want to check that out- if you haven't already done so.

[HHM]

The role of the UST is to determine which chapter of BK is appropriate. Thus, their role is to analyze your income and expenses. If you are self employed, you can almost bet the UST will be involved in some way. But, that usually only entails a request for additional supporting documents (i.e. instead of 3 mos of bank statements, possibly 1-2 years of bank statements, etc).

The UST does not need to show up to the 341 meeting to get involved.

[SubPrimeME]

Anyone? I have about $80,000 in cc debt and a $20,000 second mortgage. My house is going into foreclosure and I own my (only) car outright--kbb value about $3,000. I have no other assets other than household furnishings that aren't worth much and office equipment necessary for my work. I have two dependents. I'm a self-employed consultant with a home office and think I can probably come in under the median when I file. Also, my net income for the past several years would have put me under the median for those years as well.

Does anyone see any reason for the UST to get involved? Based upon what I have read here, it seems like most cases go pretty smoothly unless the UST shows up to the 341. Am I wrong?

Does anyone see any reason why I should be concerned?

Thanks in advance . . . . !

I think you should be OK based on what you have stated. From what I have seen 100K+ is the tipping point in unsecured debt, and over the median is another one. However, the UST can be involved any case they want to-and I believe that the audit rate stat is around 1 in 1000.

You income is based on your last 6 mos on the day you file.

All cases after March 15th of this year are subject to the income standards, you may want to check that out- if you haven't already done so.


**How how did this post twice? Weird...***

[kathy4530050]

I think you should be OK based on what you have stated. From what I have seen 100K+ is the tipping point in unsecured debt, and over the median is another one. However, the UST can audit any case they wish to- I believe that stat to be around 1 in 1000.

You income is based on your last 6 mos on the day you file.

All cases after March 15th of this year are subject to the income standards, you may want to check that out- if you haven't already done so.

Thanks! I'll keep my fingers crossed and hope you're right!

[kathy4530050]

The role of the UST is to determine which chapter of BK is appropriate. Thus, their role is to analyze your income and expenses. If you are self employed, you can almost bet the UST will be involved in some way. But, that usually only entails a request for additional supporting documents (i.e. instead of 3 mos of bank statements, possibly 1-2 years of bank statements, etc).

The UST does not need to show up to the 341 meeting to get involved.

The 1-2 years of bank statements makes me nervous. Mine are SO messed up. I've kept good records of my income and expenses, but have been pretty careless when it comes to keeping my business and personal bank accounts separate. I have business expenses coming out of my personal account and vice-versa. Real confusing. Real messed up.

[Tromploi]

I swear, I fit ALL the criteria for UST involvement. Self employed, both of us, over median, $130K in cc debt. Hmm, what else?

Filed 1/15, 341 on 2/24 came without anyone asking for any addtl docs. Last day for objections is 3/27, nothing on Pacer as of Friday.

Man,,,,,,I always think of Jessegirl. No sigh of relief until the very very very last day.

[kathy4530050]

I swear, I fit ALL the criteria for UST involvement. Self employed, both of us, over median, $130K in cc debt. Hmm, what else?

Filed 1/15, 341 on 2/24 came without anyone asking for any addtl docs. Last day for objections is 3/27, nothing on Pacer as of Friday.

Man,,,,,,I always think of Jessegirl. No sigh of relief until the very very very last day.

You are SO CLOSE. I'll give my fingers crossed for you . . . .

[Tromploi]

So close, but yet so far away. Isn't that a song?

Thanks for the wishes!