Trustee Meeting

[Confused14]

What are some things that would cause a red flag to go up during your 341 meeting? Could it be the amount of your debts?

I also heard that during these meetings, the Trustee will pick out 2 or 3 cases to really scrutinize, is this true?

[JRScott]

Wearing of a new suit/dress
Wearing of expensive jewelry
Wearing of expensive clothing
Carrying expensive accessories.

Hi level of debt does generally get higher scrutiny. If you have over 100k of debt it is likely the UST in addition to the local trustee will be at the 341.

[AngelinaCat]

It seem that one case out of ?? (could be one in ten or one in 100 or more) gets picked at random for an audit. There was one poster a couple of months ago--I don't remember the name--that was really going through it and couldn't undertand why. The posters responding hadn't heard of such things that were being asked either, until suddenly the OP realized that she had been *lucky* enough to be picked for an audit. Then it made sense.

I hope this does NOT happen to you. Good luck!

[mongoose]

From what I have read (and might be wrong) it was 1 out of 250 up until late last year or early this year and then they stopped the audits completely for a month or two and now it stands at 1 out of 1,000.

[TEW]

http://www.usdoj.gov/ust/eo/bapcpa/index.htm

[rntuqt]

1 out of a 1000

From what I have read (and might be wrong) it was 1 out of 250 up until late last year or early this year and then they stopped the audits completely for a month or two and now it stands at 1 out of 1,000.

I recently read the same thing. Also, it is my understanding that initially the fed hired an outside auditor but since thagt was too expensive they turned to inside auditors and now it is 1/1000.

J

[brokejim]

Does audit mean like a IRS audit

[CatsInTrouble]

brokejim (hi I'm BrokeAllie, guess we're all Brokesomebody). Anyway, it's SIMILAR, yes, but not run by the IRS.

[OhioFiler]

brokejim (hi I'm BrokeAllie, guess we're all Brokesomebody). Anyway, it's SIMILAR, yes, but not run by the IRS.

Actually, it wouldn't be anything like an IRS audit. The consequences are significantly different and more serious. The only similarity is they are reviewing documents you submitted.

[Tromploi]

Wearing of a new suit/dress
Wearing of expensive jewelry
Wearing of expensive clothing
Carrying expensive accessories.

Hi level of debt does generally get higher scrutiny. If you have over 100k of debt it is likely the UST in addition to the local trustee will be at the 341.

My attorney warned us our 341 could be lengthy, the short ones before us he leaned over and said "yours won't be like that". We have several businesses, were over median by almost double, are keeping 2 cars, the house and a tractor, used the full exemptions, got a $30K pay check 2 weeks after filing, have a little over $130K in debt, and our 341 took about 10 minutes, only the trustee there, and he filed a report of no distribution the next AM. When we walked out, the attorney said "WOW".

So, here's hoping it continues to go smoothly for us, and does for you as well!

[jessegirl]

My attorney says that when you have a large cc debt you will be audited, also, if you are over the median that also sends up a red flag.

We are being grilled right now from the UST. The reg. trustee was very very nice at our 341 and says she does not see abuse and even filed that on pacer. She has abandoned our property, BUT the UST is going after us.

[phigment]

We are being grilled right now from the UST. The reg. trustee was very very nice at our 341 and says she does not see abuse and even filed that on pacer. She has abandoned our property, BUT the UST is going after us.

Did you get any indication about what they are taking issue with?

[IBroke]

Hi level of debt does generally get higher scrutiny. If you have over 100k of debt it is likely the UST in addition to the local trustee will be at the 341.

Well, I don't mind. I have a debt of about $360K and no assets and no job. Heck, I don't even have a checking-account.

If the UST or trustee thinks I wouldn't be eligible to file, I'll politely ask if he could provide me with a job that qualifies me for Chapter 13.