What financial evidence is typically needed for Ch 7?

[oldbaddebts]

First, I have been lurking for some time, and posting rarely, just soaking in all of the information possible. I am finding it very useful to read EVERY post, as you never know where a "trivial" point is made that can change your outlook on things or save you from an error.

I have seen several posts recently regarding all of the "backup" documentation for a US Trustee audit. My prior impression was that I needed to have a minimum of six months of financial data (all income and expenses accounted for) as well as the last 2-3 years' tax transcripts in every Ch 7 case at the 341.

Can someone clarify if I really need to bring everything to the 341 (talking a large box in my case) or just the tax transcripts? I am not sure where I got the idea in my head of going into this as if BK "WAS" a highly scrutinized and account for every nickle process, but if I am wrong I would sure be relieved. Heck, I have spent the time to go to yard sales for the purpose of making sure I had an idea what my clothes and belongings would sell for to make sure I am accurate on my forms.

I will be filing Pro Se Monday 10/29/07. On one hand I have found it useful in filling out all of the forms to have all of my information available, on the other hand dedicating precious time to pulling up how much that Taco Bell cost me on that "one Saturday in July".

So, do I just need to make sure to have transcripts available to turn in, or do I need to have CPA quality auditproof records?

Thanks

[keepmine]

Volunteer nothing. Your trustee will contact you prior to the 341 and inform you what info they require. Provide that and nothing more.
Any question at the 341 that can be answered truthfully "yes/no" ,do so. Don't elaborate. If the trustee wants you to elaborate, let them ask the question.
I'd take a copy of everything the trustee requested to the 341 and nothing more.
Is there a reason you believe you may be examined more throughly than usual?

[B12]

Ditto on reading this forum to avoid some BK mistakes before filing!!!

[HenriettaHen]

It's not a bad idea to get your papers in order for several years back, just in case - but you don't need to account for every cent you've ever spent.

I found it to be an excellent exercise in "how did I get into this mess in the first place?". When you look back over the five or so years preceding your BK, you'll probably be able to see where the slide started - and mine was farther back than I would have guessed!

Familiarizing yourself with the details of where your money came from and where it went is the best way to avoid freak-outs before the 341 meeting.

No surprises is what you want.

[rilbrianne]

(I didn't get anything from my trustee but I knew from research that the documents were required to be sent to the trustee at least 7 days before the meeting. )

I called the trustee's office and his secretary was very nice. She gave me all the information about what I needed to send before hand and what I needed to bring with me to the meeting. You should call your trustee's office. That's what they are there for, and that way - you won't be going on someone else's instruction because if you miss something, your meeting could be rescheduled and it will take longer.

What I had to send though - in case you want to know - was 2 years of tax returns and 6 months of pay stubs.

I was told to bring - vehicle titles, mortgage, child support info, divorce decree, life insurance statement, if you had anything valued - estimates on property, know how much your home is worth, etc.

[ohwell]

If you are talking the US trustee audit that happens 1 in 250, you will be sent a documentation request form listing what is needed. Then you'd need to dig up alot of info.

Our atty had included in our petition paystubs from the 60days prior to filing, and our 2006 tax return. We also provided a declaration stating our situation and how we got in this mess.

Once you file, if you are worried about the US trustee audit, you will get notified before your 341. Other than that your necessary documents for your bk petition and your ss card and DL is all you need to bring.

Our atty advised us to bring nothing else but our SS card and DL. They gave us our tax return back at the 341.

I don't know if this helps, but that is what we did.

[jp2861]

Don't sweat all the receipts and what you spend on normal day to day living expenses. You have max allowables for food, clothing, transportation, etc. As long as you're not trying to max out these figures you won't have a problem. If your numbers look normal the trustee will breeze right through them.

[oldbaddebts]

Thanks guys.

I have no reason to expect any more of an extra look, just somehow thought that the normal look would be more than paystubs and taxes. BTW, my district waives the 60 day paystub requirement.