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What exactly happens during the audit at the end of a plan?

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    #1

    What exactly happens during the audit at the end of a plan?

    Hello,
    I am about 5 months away from finishing my Chapter 13 plan and am looking forward to the end! It's been a long road, that's for sure!
    What exactly happens during the audit? Is there any records I should be sure to be keeping track of (pay stubs, bank statements, records of expenses)?
    What do they do, anyway? What can I expect?
    Thanks,
    Cat
    Tags: None
    #2
    Most cases don't get audited. They pick like one case out of every 200 or so for auditing. And usually it's immediately after confirmation. But should you be so lucky as to have your case audited, you'd have to send check stubs, tax returns, bank statements &c to the UST who then sends it all to a CPA who goes over to see if there have been any material mistatements.

    If they find that you have made a material mistatement, they put you in a dark cinderblock room with a one way window in it and shine a really bright light in your eyes and demand to know where you've got your money hidden. A guy carrying a huge needle and syringe and speaking with a german accent will pace around behind you and say things like "we have our ways of making you talk". It generally goes down-hill from there.
    Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

    Comment

      #3
      Originally posted by cso5@ View Post
      Hello,
      I am about 5 months away from finishing my Chapter 13 plan and am looking forward to the end! It's been a long road, that's for sure!
      What exactly happens during the audit? Is there any records I should be sure to be keeping track of (pay stubs, bank statements, records of expenses)?
      What do they do, anyway? What can I expect?
      The audit done at the end your 13 is your trustee auditing his/her books to ensure that all payments from your plan payments received over the years have been sent out as appropriate to your creditors that filed claims. The trustee isn't auditing you or your finances.
      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 go

      Comment

        #4
        Originally posted by MSbklawyer View Post

        If they find that you have made a material mistatement, they put you in a dark cinderblock room with a one way window in it and shine a really bright light in your eyes and demand to know where you've got your money hidden. A guy carrying a huge needle and syringe and speaking with a german accent will pace around behind you and say things like "we have our ways of making you talk". It generally goes down-hill from there.
        Hey. I think I know that guy. In fact, I think we might be related.

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