341 Question for those who have done it!!

[Dollar Bill]

I need to get a few different experiences of the "have you transferred property in the last ......?"

I transferred property just 30 days shy of 4 years ago. My atty is concerned and would like me to file the end of next month. I'm set to file the end of this month. I've reached my limit. One suit has already been filed.

MY QUESTION IS THIS:

HOW MANY YEARS DID THE TRUSTEE USE AT YOUR 341?

HAVE YOU SOLD OR TRANSFERRED ANY PROPERTY IN THE LAST .....?

[Help!]

One year at our 341.

[Dollar Bill]

thanks

[my4devils]

We sold our home last April. Trustee asked about that- told him we didnt make any money. After paying our mortgage and HELOC we actually owed a few hundred at closing. No more questions asked.

[Stilltheone]

Our trustee also asked us if we transferred any property within the last year.

[HHM]

There should be a specific question in your petition regarding that question.

[JRScott]

Courts move slow, even if they filed it this month, then you have 30 days to reply and they allow like 15 days grace to allow for mail to arrive in most cases. So if you waited til the end of next month I think you'd be fine, just make sure to list the court cases in the appropriate section of the petition.

The 4 year lookback I believe only typically happens during an audit, so your lawyer is being cautious.

[Dollar Bill]

Thanks for the replies.

I never thought about that JR Scott. Our 341 shoudl be after June 24 if we file May 29th. Then I really can answer no I have not transferred in the last 4 years if asked.

[leftyf]

Trustee asked about my home sale which had occurred in the last year. He asked me if I did a short sale, which I thought was a transaction that involved the bank mortgagor. Turns out, quite obviously I guess, a short sale is any sale where you don't have enough equity to cover the mortage balance and closing costs. I told the trustee it wasn't a short sale because I was able to cover the mortgage balance, I just couldn't pay the transaction costs. He glared at me and said, "A short sale then...?" I just said yes. He asked where I got the money to pay the closing costs and I told him, "From savings (partially) and credit card cash advance checks (mostly.)" This time I received a glare followed by a disapproving head shake. He seemed very shocked by how much money I needed to get out from under my home ($10K+)...I was very shocked that he had apparently not read a newspaper or watched the news in the last 6 months.
If you have any questionable real estate transactions, be very afraid. I was telling the absolute truth the whole time, but the people before me weren't, I don't think. It sounded like they were headed for trouble.
Good luck,
Lefty

[Dollar Bill]

Thanks lefty. I hope that works out for you.

[CATCHMEIFYOUCAN]

My car got flooded a month before i was going to file ! However, the insurance company did not total the car, they gave me $1700 to get a new engine . Whatever ! I sold the car with no engine to my neighbor for $500 I took the $500 and the $1700 and bought a new car . The Trustee was informed and did not have any further questions nor did he seek the money I got back (well, go figure the money was gone into a new car!)

Regards, Catchmeifyoucan