Ok, so today was the day for my 341 in Riverside Ca. It was more intense than I had hoped but some good and bad came out of it.
First, the US trustee or a representative did not show up as expected. This was good.
The panel trustee had 20 cases for our selected hour and several required telephonic interpreters which dragged the cases out some. We were called 7th and both my attorneys attended. Everything seemed to be going good and according to script until he began sniffing for assets.
He first questioned a trailer I had sold 20 months ago and demanded proof and financial records. He then wanted to reevaluate the value of my 2001 Chevy truck and wanted full accounting receipts included of how I spent every dime of my tax return. (All of this is exempted...so WTH?) My attorneys feel he didn't really read the petition because all of this was exempted.
He also wanted time to evaluate my LLC for value and did not seem to accept zero as a legitimate value. It hasn't made a dime in 4 years, is no longer operating and this was all documented on my tax returns. He wants full bank statements and accounting for 2 years on this now.
My house is 350K underwater and he asked how I arrived at that number. I told him the county assessors office and zillow. He stated "I don't care what the county says" what did zillow say. I told him 280K. We owe nearly 650K.
I guess I was caught off guard by the asset questions as everything I have is included in my exemptions with plenty of exemptions to spare. I was more concerned with questions about my means test, schedules, income, overtime etc. Not a one. He was only looking for assets.
After making his request he continued me until September 1st..
My attorneys said it went well.....how come I don't feel like they do?
They thought he would ask far more questions and pry more into my schedules and income etc...nada.
So does this mean I have to wait to start the 60 days until after September 1st and does anyone know If I will have to go through all of this again on September 1st?
Thanks All
ST
First, the US trustee or a representative did not show up as expected. This was good.
The panel trustee had 20 cases for our selected hour and several required telephonic interpreters which dragged the cases out some. We were called 7th and both my attorneys attended. Everything seemed to be going good and according to script until he began sniffing for assets.
He first questioned a trailer I had sold 20 months ago and demanded proof and financial records. He then wanted to reevaluate the value of my 2001 Chevy truck and wanted full accounting receipts included of how I spent every dime of my tax return. (All of this is exempted...so WTH?) My attorneys feel he didn't really read the petition because all of this was exempted.
He also wanted time to evaluate my LLC for value and did not seem to accept zero as a legitimate value. It hasn't made a dime in 4 years, is no longer operating and this was all documented on my tax returns. He wants full bank statements and accounting for 2 years on this now.
My house is 350K underwater and he asked how I arrived at that number. I told him the county assessors office and zillow. He stated "I don't care what the county says" what did zillow say. I told him 280K. We owe nearly 650K.
I guess I was caught off guard by the asset questions as everything I have is included in my exemptions with plenty of exemptions to spare. I was more concerned with questions about my means test, schedules, income, overtime etc. Not a one. He was only looking for assets.
After making his request he continued me until September 1st..
My attorneys said it went well.....how come I don't feel like they do?
They thought he would ask far more questions and pry more into my schedules and income etc...nada.
So does this mean I have to wait to start the 60 days until after September 1st and does anyone know If I will have to go through all of this again on September 1st?
Thanks All
ST
Closed 02/25/1
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