Should I be concerned?

[sal425]

Chapter 7 discharged in February. Since there was an issue with exemptions, it was converted to an asset case.

The trustee just filed a motion to employ an accountant to "provide professional accounting services necessary for the Trustee to complete his administration of the case."

Is it possible this is just to disperse monies to my creditors?

Thanks-

[tcreegan]

Hi sal,

Sounds like the trustee wants to have an accountant wrap up the case...

Tom in Colo

[despritfreya]

Let me take a stab at this. Are you self employed or operate a corp or LLC? If my guess is correct that you have a business, my next guess is that you have some NOL's that you did not fully deduct (if that's the correct term) and the Trustee now wants to amend certain tax returns to recover the losses and get the corresponding refunds. To do this he would have to employ an accountant. Am I even in the ballpark?

Des.

[tobee43]

Let me take a stab at this. Are you self employed or operate a corp or LLC? If my guess is correct that you have a business, my next guess is that you have some NOL's that you did not fully deduct (if that's the correct term) and the Trustee now wants to amend certain tax returns to recover the losses and get the corresponding refunds. To do this he would have to employ an accountant. Am I even in the ballpark?

Des.

that is exactly what it sounds like to me des...i have known people that have had not only "special" council assigned to the case, but also accounts to go back and check all paper work for a few reasons.

in reference to businesses...when a business has claimed losses for a few years the trustee with make certain the tax returns "match" with the books. i.e. looking for unusual types of transactions with deposits, withdrawals or spending.

and actually the second situation would also be concerning finance as well...to do basically a forensic accounting for past and present personal expenditures. it could relate to both the business and personal...especially if the business was an s corp...just a thought..

[sal425]

Thanks for your responses. I do not own my own business.

I guess I will just need to wait and see.

[tobee43]

Thanks for your responses. I do not own my own business.

I guess I will just need to wait and see.

indeed, we can all "guess" what it is, but your correct in as much, as although it is difficult, many times it's just best to wait it out and see exactly what it is and then smack in head on.

keep in touch and best of luck with it!