What does the trustee know before the 341?

[Lajazz947]

Foe me I believe that the red flag went up when the trustee seen that we were over the median and had alot of credit card debt. Our attorney says that almost all people that are over the median get red flagged. Sucks but I feel that this was true for us. From there the trustee examined everything in our schedules as far as transportation, water & sewage, electric, gas. etc. We had to proved everything. We were vey nervous BUT had most of the documentation except for cc statements. WHich we managed to get some. We had to show gas receipts, gas bills, electric bills.water & sewage, etc....

Yep, my attorney told me that if you are over the means and have allot of debt that they will red flag you.

If you have been following my posts the Tt has asked for everything but CC statements which I have in case they need them.

I filed in 12/08 and am STILL dealing with this BS. Request after request after request. Luckily I have everything. They have yet to catch me in a lie ( and they won't because I have everything documented ) but they keep on trying.

I even gave then my baseball cards and now they want some more stuff trying to catch me lying on income and company ownership.

Hey, if they find income that I missed please tell me. If they find that I own some company please tell me as I have not been paid anything on that ownership.

I guess its a crapshoot with them. Just keep everything in order and have it ready to produce.

Good luck.

[jessegirl]

Foe me I believe that the red flag went up when the trustee seen that we were over the median and had alot of credit card debt. Our attorney says that almost all people that are over the median get red flagged. Sucks but I feel that this was true for us. From there the trustee examined everything in our schedules as far as transportation, water & sewage, electric, gas. etc. We had to proved everything. We were vey nervous BUT had most of the documentation except for cc statements. WHich we managed to get some. We had to show gas receipts, gas bills, electric bills.water & sewage, etc....

[hopefulbk]

The TT definently had to have the 2007 and 2008 tax returns. He had my 2007 and reviewed it and gave it back to me during the 341. He asked why he did not have the 2008 and I told him I filed it April 15th. He said he would continue my 341 until he had a chance to review it. I told him I had it and gave it to him on the spot.

He did not have my bank statements before or after filing and did not ask for them. I had them with me as well. I brought my fanfold folder with everything I have heard on theis forum has been asked for our could be asked for. I think he could tell I could backup anything that was questioned. He asked how i figured the value of guns and I told him how I used the gun value blue book and even used online web sites to price all of my personal belongings. He said he was not aware of any websites for that, and I told him that there is several sites that help you figure out garage sale pricing or value for donating goods according to the IRS standards.

I think I had it together when i went to the 341 and I have a good attorney as well. I gave her everything I had with me in advance so she could awnser anything. I even phot copied the pages out of the gun blue book.

Never mind I see your link below.. thanks!

[diebroccoli]

http://www.salvationarmyusa.org/usn/...F?Opendocument

http://garagesalehomepage.com/PricingMain.php

http://www.goodwillsew.com/page.asp?dbID=295

I used these for a start. I will find the others and link them as well. The IRS accepts these so in theory they should be acceptable for BK courts. My TT seemed to like them.

Maybe someone could make a permanent sticky note of this post.

:hifive:

[MichiganMan]

Here are a couple links I used

http://www.salvationarmyusa.org/usn/...F?Opendocument

http://garagesalehomepage.com/PricingMain.php

http://www.goodwillsew.com/page.asp?dbID=295

I used these for a start. I will find the others and link them as well. The IRS accepts these so in theory they should be acceptable for BK courts. My TT seemed to like them.

Maybe someone could make a permanent sticky note of this post.

[eddiep]

I know this is a repeat question but I want a link to the pricing/value site too!

[diebroccoli]

The TT definently had to have the 2007 and 2008 tax returns. He had my 2007 and reviewed it and gave it back to me during the 341. He asked why he did not have the 2008 and I told him I filed it April 15th. He said he would continue my 341 until he had a chance to review it. I told him I had it and gave it to him on the spot.

He did not have my bank statements before or after filing and did not ask for them. I had them with me as well. I brought my fanfold folder with everything I have heard on theis forum has been asked for our could be asked for. I think he could tell I could backup anything that was questioned. He asked how i figured the value of guns and I told him how I used the gun value blue book and even used online web sites to price all of my personal belongings. He said he was not aware of any websites for that, and I told him that there is several sites that help you figure out garage sale pricing or value for donating goods according to the IRS standards.

I think I had it together when i went to the 341 and I have a good attorney as well. I gave her everything I had with me in advance so she could awnser anything. I even phot copied the pages out of the gun blue book.

would LOVE to see links to those sites posted here as i will be gathering documents and assessing values soon.

[downsized]

.

[jj26]

Mine is in a week (doing pro se CH. 7) and so far I haven't gotten any letter sent requesting any more info or docs, just the initial letter they send out notifying creditors of the BK. I figure I will bring my submitted forms, my last two tax years and recent paystubs and bank statements in case they ask.

[kathy4530050]

Great. I'll be watching and waiting. . .

[Brighterdays]

I was told CC and bank statements wouldn't be neccesary. Now my case is/will be pretty straighforward and simple (no assets no income). If they suspect anything, like jessiegirl, or just feel like screwing with someone, they can go back and dig into the statements. As the op asked," before the meeting", I haven't heard of the trustee looking at any of that stuff, maybe public records ie motor bureau, credit, and your petition. I will keep you all posted though.

[kathy4530050]

The TT definently had to have the 2007 and 2008 tax returns. He had my 2007 and reviewed it and gave it back to me during the 341. He asked why he did not have the 2008 and I told him I filed it April 15th. He said he would continue my 341 until he had a chance to review it. I told him I had it and gave it to him on the spot.

He did not have my bank statements before or after filing and did not ask for them. I had them with me as well. I brought my fanfold folder with everything I have heard on theis forum has been asked for our could be asked for. I think he could tell I could backup anything that was questioned. He asked how i figured the value of guns and I told him how I used the gun value blue book and even used online web sites to price all of my personal belongings. He said he was not aware of any websites for that, and I told him that there is several sites that help you figure out garage sale pricing or value for donating goods according to the IRS standards.

I think I had it together when i went to the 341 and I have a good attorney as well. I gave her everything I had with me in advance so she could awnser anything. I even phot copied the pages out of the gun blue book.

Glad to hear things went well for you MichiganMan. I haven't filed yet, but hope my 341 goes as well as yours did.

[MichiganMan]

Ours was pretty straight forward

The TT definently had to have the 2007 and 2008 tax returns. He had my 2007 and reviewed it and gave it back to me during the 341. He asked why he did not have the 2008 and I told him I filed it April 15th. He said he would continue my 341 until he had a chance to review it. I told him I had it and gave it to him on the spot.

He did not have my bank statements before or after filing and did not ask for them. I had them with me as well. I brought my fanfold folder with everything I have heard on theis forum has been asked for our could be asked for. I think he could tell I could backup anything that was questioned. He asked how i figured the value of guns and I told him how I used the gun value blue book and even used online web sites to price all of my personal belongings. He said he was not aware of any websites for that, and I told him that there is several sites that help you figure out garage sale pricing or value for donating goods according to the IRS standards.

I think I had it together when i went to the 341 and I have a good attorney as well. I gave her everything I had with me in advance so she could awnser anything. I even phot copied the pages out of the gun blue book.

[dingdong]

I think maybe they look at statements and BTs/ cash advances to see if possibly you took a cash advance and didn't spend it on necessities and maybe socked the money away? Don't know for sure, I didn't have any issues like that personally. My CC were gone long before filing.

I could be wrong, but I have read here on this forum that members have been asked for a couple years of CC statements, so I can only assume they were looking for something. What I have read usually comes after UST involvement,

I know Jessegirl had to provide 2 yrs of CC statements, and she had a hard time getting them from the CC companies. Maybe she can clarify as to why they wanted to see them. Honestly, I don't know exactly why they need them, but they have been asked of debtors before.

[Brighterdays]

I think if a TT looks over your petition, sees you qualify income wise, doesn't notice any red flags like large balance transfers , large CC purchases and possibly a lot of real estate transactions and your bank statements ( if requested) look pretty normal, then the 341 tends to be short and sweet.

I know they can look at state corporate filings if they want to and any other public records to see if you happen to own a biz you are not reporting or other assets. I filed pro se, so I didn't have an attorney handling any of my documents. I suppose if the TT requested of the attorney documents that you already gave your attorney, then the attorney may hand them over, so that is something you could ask your attorney..

I think yourgiving them too much credit. As I have been advised and read, they don't look at your credit card info, unless something else(objection) comes up. That is the responsibility of the credit card companies. The trustees only job is to sniff out money. You have to answer questions both written and spoken as if you have made any purchases, BT, .... I am sure their is a rare case of some pricky TT that went through somebody's butt with a microscope, but it is rare. According to my attorney in my district they only one 1 bank statement for a current balance of the day of filing.