Anyone with BK's over $150,000

[badgambler]

I am going to be filing a second time in Feb of 2008. During my first filing my trustee kept getting extension and extension.. All of the stress in this process ultimately had me withdrawl my chapter 7..

I was just wondering what kind of questions did any of you with large Bk's have to deal with when being questions by the trustee..

Hope everyone is well..
BG

[freshstart06]

I wish you luck, I hope someone can help you but my only advice is this time around do not give up not matter what. This is what they want you to do.

[badgambler]

Thanks Freshstart..

You are right.. After about three extensions filed by the trustee I was just a basketcase.. My income was to low for the amount I was filing was a common comment.. Then all the questions about my gambling which I proved via online gambling account records .. Then them saying I lied during my 341 which I did not.. Then saying I never provided any additional information that was asked of me.. This time, I am filing with my wife and I am going to let her handle allot of it.. She has been great..

My old BK was about $123k, but since then had a car repossed, and allot of medical bills bringing us up near the $150k mark..

[lrprn]

Filers here have successfully discharged more, BG. My one suggestion....find an experienced bankruptcy lawyer in your area to make sure things go smoothly this second time around. Between a good lawyer and your wife, you'll be less much stressed this time around

[NotFun]

I am going to be filing a second time in Feb of 2008. During my first filing my trustee kept getting extension and extension.. All of the stress in this process ultimately had me withdrawl my chapter 7..

I was just wondering what kind of questions did any of you with large Bk's have to deal with when being questions by the trustee..

Hope everyone is well..
BG

oh I'm well over that, I just filed today and the amount was for over 750k....ouch!!

And that didn't include my homes..

[badgambler]

NotFun..

Ouch.. But I am sure your income far surpassed my own.. When you make 50k a year and owe triple that.. Seems to always call the wolves to the party..

Was yours a business filing..??

[NotFun]

NotFun..

Ouch.. But I am sure your income far surpassed my own.. When you make 50k a year and owe triple that.. Seems to always call the wolves to the party..

Was yours a business filing..??

Yes it was a business filing, but my income wasn't that great.

I just filed today, and I'm all of sudden freaking out. ha-ha...

My lawyer just says that some of these creditors can come back and try to sue me.

But yes 750k is a ton of money, and I'm not even sure how it got that high even to this day.

[badgambler]

I know what you mean my friend.. The amount just seems to grow and grow..

My first filing not one of my creditors showed up to challenge my filing..

The trustee is the one that gave me all the problems..

[NotFun]

oh great, well supposely my attorney knows all of the trustee's around here. So I'm hoping this helps my case, my attorney even told me that he plays gold with half of them... so cross your fingers!!

[badgambler]

Best of luck my friend..

I gotta find me one of those friendly lawyers..

[NotFun]

Best of luck my friend..

I gotta find me one of those friendly lawyers..

You also!!


As for the friendly attorneys, just hit the local golf courses...haha

[SinkingFast]

We hired a high rated, high powered attny. Very low key, lay back, and has a good relationship with all the Trustees here.

He documents, documents, documents his clients. He had stuff on us on file going back well over a year prior to when we filed. CC Statements, Bank Statements, insurance policies, cell phone contract, you name it.

Our attny doesn't like to get caught with his pants down. They scan everything into their system and maintain an electronic file on all clients, just in case. In case we get Audited. In case they get Audited. In case there's ever a question come up down the road.

We researched and learned. And we did all the document gathering. We probably could have filed on our own.

But nothing beats having a good attny by your side who's friendly with the Trustee going into BK.

We didn't really have to do more than a cursory explanation at the 341 because our attny had already listed out everything.

It's kind of like the Trustee was going,........... "OK! He's checked them out. I trust him. So they must be OK."

Your previous BK,........... Did you get Extensions from the Trustee or Continuances??

[badgambler]

We did not get any extensions.. The trustee was the one who requested 3 extensions

[SinkingFast]

We did not get any extensions.. The trustee was the one who requested 3 extensions

That's what I was curious about.

Did the Trustee get Extensions or Continuances??

We have a friend going thru a nasty Divorce. Both of them wound up filing BK before the Division of Assets meeting.

The Gal's Trustee has filed 2 Continuances of the 341. Her Trustee is looking to get dibs on property and cash from the Divorce Settlement Agreement.

[ssdsco]

I'm getting ready to fill BK7 with $200k plus in consumer debt.

After some research and 4 interviews I retained an attorney that is also a trustee. I'm currently going through a 2 year review of all financial transactions, bank statements, brokerage statements, etc. Even asked me if I had a Paypal account. We're going through 6 years of home and vehicle transfers. Going back to when I was solvent on gift giving. Looks like I'll be spending 6-8 hours face time with my attorney, not a Para-legal, preparing for my filing.

Take a look at the Statement of Financial Affairs. Those look back periods for transfers, gifts, etc are just starting points. If a trustee sees activity and wants to go back farther looking for assets and transactions he can reverse he has the legal right to do so.

Do your best to reconstruct where the money went for the last several years and be very open and honest with your attorney.

Asset valuations is another area my attorney is closely looking at and requesting 3rd party assessments of household goods and other assets.

This should prepare you and your attorney for any trustee questions.

Sounds like your last credit card transaction will be more than a year old when you file so that shouldn’t be a problem.

My attorney also advised me that my case will get more scrutiny because I was high income and have considerable exempt assets to pay the trustee for anything he finds.

Good luck !!