341 Done! My observations...

[RNY09]

We had our 341 last Thursday, and I checked Pacer last night--looks like all is well! The trustee entered "no distribution". Of course, *I* know we don't have anything to distribute, but I'm glad *he* saw it that way as well!

Just a couple observations that might help someone....

If you got a tax refund, take a little time to review WHAT you spent it on before your 341! There were several people in our meeting that had a substantial tax refund--one was around $8,000--and when the trustee asked what they spent it on, several people said, "Ummm....I don't really remember"! In every one of those cases, the trustee said, "Well then, I'm going to need to see bank statements--get them over to your attorney within two weeks!"

I can't believe their attorneys didn't coach them to be ready for that question! It's logical to think that if you got that much money back, you could have paid some of it to your creditors--unless you spent it on allowable, necessary stuff.

I'm not picking on anyone who gets a tax refund....I'm just hoping this might help someone else to know that especially around this time of year, the tax question will probably come up.

Good luck everyone!

[Jackdog]

Woohoo! Gratz to you. I'm glad it went smoothly.

[researchmode]

Thanks for sharing your experiences. I love the 341 posts because right now it's the part I'm most nervous about!

[bobbyquefour]

Congrats! And researchmode, ask away, we are here to help your fears. We have all been there and can help ease your mind a bit.

[tanmag]

rny09...thanks for posting this I received a refund of $6,000 I received it back at the beginning of February. I spent it on medical bills, dental bills,paid my mom back $500.00, medicine, groceries, caught up on bills. At the time I really wasn't sure if I would have to file BK or not. At any rate I had spent it all on necessities other than $2,000. I turned in paperwork for BK last week. That used up the last of my refund paying for my attorney. I have receipts proving $3,300 however I didn't keep for food, clothing (minimal for 3 kids). I know exactly where the money went but I'm concerned about not having every little receipt. Do you think this will be a problem? Did the others that you saw show up with receipts? They are still processing my paperwork at the attorney so I have yet to speak to them about this. I listed the amount and the date on my paperwork but there was no place to explain what you did with the money. Thanks

[bobbyquefour]

Luckily you have the majority of the receipts. That will probably be enough. Food they can estimate based on your household size. It just all depends on how picky they seem to be. I wish there was more uniformity in this process for everyone....some people "luck out", others are "grilled"....but being prepared and honest is the best you can be...Good luck to you! I know I kept every little receipt for EVERYTHING but wasn't asked to produce any of them......I've gotten in the habit of saving receipts now.....it helps me manage my money much better and see where it all goes (and to realize that no, is doesn't just "disappear"..the receipts don't lie!)

[tanmag]

Luckily you have the majority of the receipts. That will probably be enough. Food they can estimate based on your household size. It just all depends on how picky they seem to be. I wish there was more uniformity in this process for everyone....some people "luck out", others are "grilled"....but being prepared and honest is the best you can be...Good luck to you! I know I kept every little receipt for EVERYTHING but wasn't asked to produce any of them......I've gotten in the habit of saving receipts now.....it helps me manage my money much better and see where it all goes (and to realize that no, is doesn't just "disappear"..the receipts don't lie!)

Thank you. I'm just kicking myself for not keeping them. I'm so nervous about paying my mom $500 but I had no choice. My daughter had been sick for 5 months and my mom helped me out with co-pays and medicine. She is on a fixed income and I just had to pay her back. You said you had every little receipt so I'm assuming you had a refund as well? I have read some other posts talking about exemptions and if the refund could be put in one of those areas. Have I misunderstood something or is there possibly some place that my attorney will be showing the refund that wont cause problems? If they want my refund back will they demand it all at once? I don't know how we could even pay back a dollar. No joke on top of BK we are in foreclosure on our house as well. So no only do we not have extra money but we have to move as well. Which we all know in itself is costly. To top it off we were put in default the day after being denied for modification. So all of our trial payment went against us. We haven't had the months and months or in some cases over a year of free rent. sigh...

[researchmode]

bobbyquefour, thank you, that was very supportive and put a smile on my face.

[RNY09]

You might want to ask your attorney how strict the trustees are in your district. No one in our meeting brought receipts, but if they could at least give an intelligent answer, the trustee didn't question it. It was only the blank stares and "I don't remember" answers where he asked for bank statements.