Had 341 now trustee wants more info?

[BAR]

Hey everyone, I just came upon this forum great info here.

The trustee wants more info and my 341 meeting (personal chapter 7 ) was Feb 16th. He now wants bank records, sales records (Im a small business owner) and itemized list of materials for my business., and my 2010 tax returns. I did list my inventory under my exemptions and it does still fall under the exempt amount that I have right now.

My attorney called and asked me to get this info above to him by March 16th, that is 3 days to gather the info, do inventory, etc. Is this uncommon?

Also now that he asked for these documents does it now move up my "30 day dealine" so that the 30 day deadline starts all over again, because he asked for some more information?

Thanks in advance

[despritfreya]

Deadlines to file Complaints or a Notice of Presumption of Abuse do not change just because the Trustee has asked for documents/information.

Your Trustee is doing his job. He has to investigate your business to make sure there is nothing he can liquidate. He has to make sure you are not "hiding" assets. Your job is to cooperate with him. So long as all of your assets are exempt (you allude that they are), you have nothing to worry about. But, if you have assets that are not exempt (I am not familiar with MI exemptions) those will be taken and liquidated for the benefit of creditors.

Lastly, if you need additional time to gather the information, ask for it.

Des.

[BAR]

Thanks for the quick response Des.!! man that was fast!

Yes I dont have much inventory and the liquid price of the stuff is rock bottom im figuring. I exempted $1000.00 for materials/inventory and probably in a liquid environment only have about half that. I figured he was just looking at the inventory to see what could be sold if anything.

What I dont understand is how to figure out liquid pricing for small blocks of wood and Ebonite rods. Can anyone help with that?

[despritfreya]

Valuation is: auction value/garage sale value - what could you get for the stuff if you had a garage sale - maybe even a sale on Craigs List. Do not use a value based upon what you would pay for it in a retail setting. Hope that helps.

Des.

[BAR]

Thats probably next to nothing then. Im sure most wouldnt even buy small blocks of wood or ebonite rods, but I will check on Craigslist, thats a great idea! Thanks again Des.

[frogger]

Do not use a value based upon what you would pay for it in a retail setting. Hope that helps.

Des.

Pile it out by the road today in a garage sale and what's it worth? There is your value.

[BAR]

Ok so I had to do an inventory and send it off to the lawyer for the UST. I inventoried and priced everything at 10% of what the retail price of the inventory.

Does this sound about right to you all for a valuation?

[despritfreya]

I inventoried and priced everything at 10% of what the retail price of the inventory. Does this sound about right to you all for a valuation?

No way to really answer that question. If you believe the value you listed is a fair value then it is "right". If the Trustee thinks you under-valued the items he can always send someone to take a look.

Des.

[BAR]

Hi Des,

Ok thank you. If I had to sell it in a week it would be worth about 10%. The inventory could only be sold to about 100 other people that know what it is for, and wouldnt sell fast thats for sure.