Because all of your reports were so helpful to me, here are my notes from our recent 341.
We were not asked by the trustee to supply anything other than driver's license and SS card. (during the questioning the trustee did ask to quickly review a recent tax transcript, but in almost all instances, the attys handed those over).
Because I have spent so much time reviewing Pacer, it appeared to me that the list of who was called when was tied to WHEN you filed. We were one of the last filers in our group therefor one of the last to be called. We witnessed 2.5 hours of meetings.
Our BK court is in a rural district and there were not many over the median C7 filers; which had me a little nervous that we would be scrutinized. Our atty warned us to this also. We had a couple of things going for us though; we were near the end and the T was sick with a bad cold, so he was tired when he got to us. Also, there were two people before us that got the 3rd degree. It was so interesting - so here's the tale about those two filers.
dubious filer #1: looked like a "city slicker" compared to everyone else in the room. The first question posed to him right out of the gate raised eyebrows everywhere. "where do you live?" #1's tongue was tied and looked to his atty to answer. Eventually he had to come out with it that he lived 9 states away, but had a PO Box locally. And get this, when pinned for his actual address 9 states away, #1 said "I just don't know what it is". He was BKing an LLC. He had a creditor present. She was a quiet and polite person, but when it was her time to speak up, #1's BK started to looked doomed. She started handing over documents to the T showing that #1 had about 5 other LLCs with similar names and industry. She pulled public records showing where assets had been transfered. T was keen enough to ask the relationships of partners in these other LLCs = they were all family relations. T asked what they did in these roles. #1 said, "I don't know". #1's atty tried to close things up by reminding T that this BK meeting was about such and such LLC. T let things close and was professional and did not embarrass #1, but firmly warned the atty that he would be getting in touch for further questions.
Dubious filer #2: She got just as many questions as #1, but the tone was different. She didn't hesitate answering any questions. She did not have a creditors present. She had many parcels of real estate/ undeveloped land and was part owner in a seemingly valuable business (with her ex). She got the third degree regarding valuations, business assets, etc. I got the impression she wasn't trying to game the system, rather her business affairs were in a mess due to a recent divorce and recent passing of her father. T told #2's atty that he would be in touch for further questions.
Not one person the entire day was asked about expenses.
T lead our questioning with, "so you have a some real estate. tell me about it" When I explained we are surrendering our former (underwater and $$) home that is in foreclosure, he seemed satisfied with this. I felt that T wanted to ask us more about our current land/cabin property valuation, But he was exhausted when he got to us. He asked us about out employment (or lack there of) . Median income is quite low in our rural area. I work from home on my computer. Hubs got laughs all around when he said he was employed as a homesteader. - He was laid off last year - Asked to explain by T, hubs said, "I dig the gardens, built the cabin and chop the wood, and haul lots of rocks around" T said, "everyone in here wishes that was their job." It lasted about 5-7 minutes for us.
Our Trustee was a very judicious and professional in his role. When handed the opportunity to embarrass a perhaps deserving filer, he remained detached. I also thought he was quite smart and asked keen questions when merited.
The end?
We were not asked by the trustee to supply anything other than driver's license and SS card. (during the questioning the trustee did ask to quickly review a recent tax transcript, but in almost all instances, the attys handed those over).
Because I have spent so much time reviewing Pacer, it appeared to me that the list of who was called when was tied to WHEN you filed. We were one of the last filers in our group therefor one of the last to be called. We witnessed 2.5 hours of meetings.
Our BK court is in a rural district and there were not many over the median C7 filers; which had me a little nervous that we would be scrutinized. Our atty warned us to this also. We had a couple of things going for us though; we were near the end and the T was sick with a bad cold, so he was tired when he got to us. Also, there were two people before us that got the 3rd degree. It was so interesting - so here's the tale about those two filers.
dubious filer #1: looked like a "city slicker" compared to everyone else in the room. The first question posed to him right out of the gate raised eyebrows everywhere. "where do you live?" #1's tongue was tied and looked to his atty to answer. Eventually he had to come out with it that he lived 9 states away, but had a PO Box locally. And get this, when pinned for his actual address 9 states away, #1 said "I just don't know what it is". He was BKing an LLC. He had a creditor present. She was a quiet and polite person, but when it was her time to speak up, #1's BK started to looked doomed. She started handing over documents to the T showing that #1 had about 5 other LLCs with similar names and industry. She pulled public records showing where assets had been transfered. T was keen enough to ask the relationships of partners in these other LLCs = they were all family relations. T asked what they did in these roles. #1 said, "I don't know". #1's atty tried to close things up by reminding T that this BK meeting was about such and such LLC. T let things close and was professional and did not embarrass #1, but firmly warned the atty that he would be getting in touch for further questions.
Dubious filer #2: She got just as many questions as #1, but the tone was different. She didn't hesitate answering any questions. She did not have a creditors present. She had many parcels of real estate/ undeveloped land and was part owner in a seemingly valuable business (with her ex). She got the third degree regarding valuations, business assets, etc. I got the impression she wasn't trying to game the system, rather her business affairs were in a mess due to a recent divorce and recent passing of her father. T told #2's atty that he would be in touch for further questions.
Not one person the entire day was asked about expenses.
T lead our questioning with, "so you have a some real estate. tell me about it" When I explained we are surrendering our former (underwater and $$) home that is in foreclosure, he seemed satisfied with this. I felt that T wanted to ask us more about our current land/cabin property valuation, But he was exhausted when he got to us. He asked us about out employment (or lack there of) . Median income is quite low in our rural area. I work from home on my computer. Hubs got laughs all around when he said he was employed as a homesteader. - He was laid off last year - Asked to explain by T, hubs said, "I dig the gardens, built the cabin and chop the wood, and haul lots of rocks around" T said, "everyone in here wishes that was their job." It lasted about 5-7 minutes for us.
Our Trustee was a very judicious and professional in his role. When handed the opportunity to embarrass a perhaps deserving filer, he remained detached. I also thought he was quite smart and asked keen questions when merited.
The end?
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341 Meeting 12-16-2010
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