Just curious as to whether anyone has been audited since the rule went into effect for those who file on or after October 20, 2006. I haven't really seen anyone mention anything about it. I'm out of the line of fire on that one, but I'm wondering about the process.
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I mentioned the Audits to one attny while we were Consulting around. He said our chances of being Audited for BK were about the same as being Audited by the IRS for our Taxes.
We looked at each other, turned to him, and said, "We've been audited by the IRS." The attny turned a little green and said, "Oh!".
Since those filings, 10/20/06 and after, are just now getting to beyond Discharge, I wonder how long it will be before we start hearing about Audits. Or if we'll even hear.
I wonder if the Audits will be an Admin procedure that the Filer may not know about unless the Audit reveals something.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen... -
What is a bankruptcy audit?
I don't understand................Comment
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The new bankruptcy law requires a certain number of audits to be done, but in Congress' infinite wisdom, they forgot to fund said audits in the bill.Originally posted by sofarindebt View Post
From the Congressional Budget Office, S. 256 BAPCPA Cost Estimates at http://www.cbo.gov/showdoc.cfm?index=6266&sequence=0
"Audit Procedures (Section 603). Beginning 18 months after enactment, S. 256 would require that at least one out of every 250 bankruptcy cases under chapter 7 and chapter 13, plus other selected cases under those chapters, be audited by an independent certified public accountant. Based on information from the U.S. Trustees, CBO estimates that less than 1 percent of about 1.6 million cases a year would be subject to potential audits. Each audit would cost roughly $1,000 (in 2005 dollars). CBO also expects that the U.S. Trustees would need about 10 additional analysts and attorneys to support the follow-up work associated with the audits. We estimate that implementing this provision would cost $66 million over the 2006-2010 period."I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
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Please, don't bring up another area where "they" can get me!!!!
Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
Who it was we were below, where we've been and where we go
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lrprn, good news about the lack of funding.
Until they get some I suppose the audits will not be done. Anyway- I read up on the qualifications to become a trustee- very interesting. Also- the audits are to be done by a CPA- really they will be looking for hidden assets, from mu understanding of that, so it doesn't sound too scary if you haven't hidden anything.Comment
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My lawyer told us that they are doing random audits right now (at least in our district).chap 7 discharge 06/07Comment
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