How does a Trustee looked for....

[Crazy]

I notice from reading the boards, that people often say "the trustee looks for assests" OK...Does anyone know how the Trustee looks for assets..what avenue's do they take?? Just Curious


Thanks,

Crazy

[edwards2]

Assets are things like equity in your house, cars, boats, savings accounts, etc., you should already know before you go to your 341 if you have anything the trustee can distribute to your creditors. Sometimes the trustee will disallow an expense which would free up more disposable income. The bottom line is the trustee works for the creditors and it is her/his job to find assets to pay back the creditors.

[airbornecpa]

Taking a look at your income tax return is a quick and dirty way: if it has dividends, then you own stock; large amout of interest, there is money someplace; Schedule C, you have a business; capital gains, you had some kind of asset.

Bank statements: what is the source of the deposits - paychecks, dividends(do you own stock), rent receipts (do you own rental poperty ), business receipts(do you own a business)...; What are you spending money on - property taxes (you own property), stock purchases, business expenses.
What about transfers between accounts?

Does money continue to be spent that is inconsistent with what is being reported as income in the bankruptcy? If so, where is it coming from.

[sunshine08]

He also looks over the assests that you list to see if the values listed appear to be reasonsonable, such as amount owed on mortgage -vs- what you say it is valued at. Looks at your expenses, are they reasonable. Also checks about possible future income, an inheritance, etc.