bank statements & questions

[salms50]

I have several bank accounts. Some i have not used for awhile & some are new due to not liking certain banks when i had to leave the credit union when filing ch 7. Will i need to disclose all accounts? some are closed now. If i do not disclose, how would trustee find out? I am very curious 7 nervous as to how & where trustees look for assets or income also. I was told by my lawyer not to amend petition before 341 hearing on new job. Any opinions on if they will find out anything? I would like to disclose any changes & i am very nervous that something will come up that i didnt mention. My 341 is on Monday 6/9.

[FreshLikeADaisy]

Salms, only concern yourself with accounts that are open and have $$$ in them, no matter how little or much, for now. If your trustee sees evidence of other accts that are now closed, he can simply ask you about them and you can answer; it's no big deal.

Put it this way: you are required to disclose ASSETS, not empty accts. Sometimes it can be an issue, but when it's small amounts of money and there's no asset hiding going on, it amounts to a few questions at your 341, and maybe statements showing the acct is actually closed. But *don't* worry about it!!! That's the trustee's job. He'll ask for what he wants, so please don't kill yourself trying to foresee what he will find out if your filing was essentially honest and accurate. He's seen it all.

Good luck with your 341 and your new job!!!

[AngelinaCatHub]

Ms. Daisy, in what you said, I have a question. I signed onto my brother’s account in that he is terminally ill. It was his desire that I could get what he had when and if. He is doing better and I never listed this. I also never used it, nor will I unless…. Also, I signed onto my god-daughters account just to cash a check in that it was a mortgage I sold. I had a 2004 inquiry about this. It is her account and I did not use it at all. So, Ms. Daisy, what is your take?

[FreshLikeADaisy]

Well, ACH, that could actually be a problem, because if your brother added you to this bank acct, you do in fact own those assets. To what extent depends on the type of ownership (joint, by the entireties, etc.) and your trustee. Ditto for the god-daughter's acct.

Keep in mind that the trustee's interest in ANY asset is generally governed by the size of the asset itself: if all that your brother has in the acct is $50, so what, right? But if it's $50,000, that's a whole 'nother story. So bear that in mind as you think the situation over.

But, I would tell you just as I told Salms50, above, not to stress too much over it. You, especially. If I were in your shoes, with all that you have posted and described regarding your case, I would SOOOOO not even touch it. I would forget that any of that even existed and hope and pray that it never comes up. Why? Because you are already -- in essence, if not technically -- being audited right down to the length of your nose hair, you are already providing an exceptional amount of information regarding your case, and if was going to be an issue it would have come up by now, I think. Also, if it does come up, you can honestly and truthfully answer: "I forgot all about it because those are neither my accts nor my assets." Worst case scenario, it would not be a question of fraud, but rather the trustee sniffing around to see how readily he could get his paws on the cash, if it is a sizeable amount.

This is one of those questions that I hate to answer truthfully, because I already KNOW you're going to disregard my advice not to worry, and worry anyway! But I can't lie and tell you it would not be a problem if/when the trustee ever caught wind of it. So dear troubled ACH, do me a personal favor and forget everything we just talked about... please. And no, I'm not kidding. I really do think it would be pointless for you to add this to your lengthy list of stressors, and I would hate to be the one who put it on you, so please. Just forget all about it, and let the trustee worry with it if he wants.

As always, I wish you every success!!!

[AngelinaCat]

Hi Ms. Daisy: AC here. Thank you very much for what you said. While I can't say we WON'T, worry at all, I can promise that we will do much less of it, and are feeling better.

Even though the law may say we own those accounts, morally and spiritually, we have never considered them ours, or used them, so we have answered trruthfully when we said we had no other accounts or financial concerns.

On thinking about the brother's account, his funds come from a SS disability, a military pension, and a company retirment plan. He is a retired disability (or whatever the correct wording is) so, from what I have gathered reading through here and the NOLO book, while he is alive his account couldn't be touched anyway. Is that correct?

Thanks again, AC

[Help!]

I was asked for every statement for every account we've held in the last year, but this is not the norm.

[AngelinaCatHub]

Just forget all about it, and let the trustee worry with it if he wants

HUH? Forget what?