So it was 341 day, apparantly.
We arrived over an hour early so we had some time to kill. We listened in on all of the cases from the 9:30 a.m. block. The trustee asked all the standard questions of everyone, but he questioned assets and debts for some. There was one lady with over $100K in credit card debt and he wanted to know what that was from. Unfortunately, a bus or train was passing outside during her explanation, so I couldn't hear. One guy sold a house two weeks before filing and walked away with $15,000. He couldn't explain where the money went, so the trustee continued his case and asked for all his bank statements. Another lady had a sizeable gambling debt, and the trustee is going to make her contact all of the casinos where she supposedly lost and obtain her play history. (The casinos here won't let you play without an account and a card that monitors your losses/wins.)
When it was time for the 10:30 group, he pointed us out and asked if he had missed us. I laughed and confided that we'd left really early because we weren't sure how long it would take us to get there. He laughed back, so I figured that was a good sign.
Basically, when our turn came, he asked us the standard questions, then he asked about my 10% interest in my mom's business. I was expecting this, so I was ready.
Basically, my interest comes in the form of 1000 shares of our S-corporation stock. My mom bought the corporation in 1994 and the stipulation of her SBA loan was that she couldn't own more than 80% of the corporate stock. Therefore, she allocated 10% of the shares to me and 10% to my dad, and we were also made corporate officers. Since she's never paid dividends, she does not owe me any money. The trustee was happy with my explanation of this, and he asked me if I know if the store had a profit or a loss last year. I told him mom had a $25,000 profit, and I told him I had the Profit & Loss statement with me. He declined to look at it and told me that my 10% interest wasn't even worth anything.
After that, he smiled and told us he had no further questions! He didn't ask us for anything else!
I'm just so glad to have it over with. It is such a weight off our shoulders!
YAYAYAYAYAYYYYYYYYYY
We arrived over an hour early so we had some time to kill. We listened in on all of the cases from the 9:30 a.m. block. The trustee asked all the standard questions of everyone, but he questioned assets and debts for some. There was one lady with over $100K in credit card debt and he wanted to know what that was from. Unfortunately, a bus or train was passing outside during her explanation, so I couldn't hear. One guy sold a house two weeks before filing and walked away with $15,000. He couldn't explain where the money went, so the trustee continued his case and asked for all his bank statements. Another lady had a sizeable gambling debt, and the trustee is going to make her contact all of the casinos where she supposedly lost and obtain her play history. (The casinos here won't let you play without an account and a card that monitors your losses/wins.)
When it was time for the 10:30 group, he pointed us out and asked if he had missed us. I laughed and confided that we'd left really early because we weren't sure how long it would take us to get there. He laughed back, so I figured that was a good sign.
Basically, when our turn came, he asked us the standard questions, then he asked about my 10% interest in my mom's business. I was expecting this, so I was ready.
Basically, my interest comes in the form of 1000 shares of our S-corporation stock. My mom bought the corporation in 1994 and the stipulation of her SBA loan was that she couldn't own more than 80% of the corporate stock. Therefore, she allocated 10% of the shares to me and 10% to my dad, and we were also made corporate officers. Since she's never paid dividends, she does not owe me any money. The trustee was happy with my explanation of this, and he asked me if I know if the store had a profit or a loss last year. I told him mom had a $25,000 profit, and I told him I had the Profit & Loss statement with me. He declined to look at it and told me that my 10% interest wasn't even worth anything.
After that, he smiled and told us he had no further questions! He didn't ask us for anything else!
I'm just so glad to have it over with. It is such a weight off our shoulders!
YAYAYAYAYAYYYYYYYYYY
.
I read somewhere (sorry can't find the link) that a man lost some money and his records, statements, etc. and said " it was in the garage and the garbage man took it by mistake". You guessed it the judge was thrilled and the nice man's entire discharge was denied.
Those people you described better find it all FAST!!!
Comment