What do you have to provide???

[NeedNewStart]

When you file, what exactly do you have to show the trustee?

How long do they look back?

My only debt is my two mortgages and I am only filing because I'm afraid that I will be sued in the future and I need to get on with my life.

If I'm under the median and this is my only debt, what would they want to see? I'm not being sued now but I don't want to get things rolling and then get sued 6 years down the road...

Thanks!

[JRScott]

Well it depends on district but generally to have ready in case:

Pay stubs for 6 months
Bank statements for 2 years
Credit Card/Loan Statements for 2 years
Copies of any deeds
Charitable Donation record for 2 years
Tax Returns for 3 years
Copies of utility bills for 6 months
Copies of medical expenses for 6 months
Copies of car/home maintenance for 6 months.

Now you might not need all this but having it will make things run smoother.

[NeedNewStart]

Thanks for the quick response!

Most of that info should not be a problem for me to get ahold of. My only concern is my bank statements.

At the end of last year I closed my checking account and opened a new one in order to stop automatic mortgage payments. At that time I took $5000 in cash out and have been using it for general living expenses (mostly clothes and entertainment) over the last few months. I have NO receipts for this.

I also just pulled another $5000 out (tax return) and was planning on doing the same thing with this money until it's gone. I will keep receipts this time.

I also have the ability to wait up to a year to file.... should I just wait???

Will this be an issue?

[LuciluS]

Thanks for the quick response!

Most of that info should not be a problem for me to get ahold of. My only concern is my bank statements.

At the end of last year I closed my checking account and opened a new one in order to stop automatic mortgage payments. At that time I took $5000 in cash out and have been using it for general living expenses (mostly clothes and entertainment) over the last few months. I have NO receipts for this.

I also just pulled another $5000 out (tax return) and was planning on doing the same thing with this money until it's gone. I will keep receipts this time.

I also have the ability to wait up to a year to file.... should I just wait???

Will this be an issue?

$5,000 for clothes and entertainment since January 1, 2009?? or did you mean 2008. If you meant 2009, that might be a problem.

You NEED to start Immediately keeping receipts. We met with our Attorney in Sept. 2008 and we were going to file in January using July-Dec Wages. I had SpreadSheets from our Bank Account broken down in Categories and our Wages,etc. He said Yep Chapter 7. Not one time did he mention you need to keep receipts, even though I keep medical, utilities, CC statements, but NOT grocery receipts. Hubby is an over the road truck driver and spends a lot a money out on the road. IRS allows a certain amount if he spends the night without keeping receipts. Not in Bankruptcy. Attorney didn't tell me until middle of January I needed these.

Also, make sure you have AT LEAST 2 years worth of Credit Card Statements. I thought it was the neatest thing when Credit Card Companies and Utilities went to Paperless Billing. Nope...Not when you don't print them each month. I will NEVER sign up for Paperless billing until I'm forced to. You can get them through their websites if you are not too far behind in paying.

WOA!! Wait a minute. You are considering filing Bankruptcy on two Mortgages and that's it. I believe I would do a tad bit more research as Freddie Mac has a Modification Plan in effect and Fannie Mae will come out with theirs around the 1st of April. Lowering the interest, payments based on Value on Home NOW!

Post a tad bit more about your mortgages please. There are some SMART Moderators and Gurus on this forum who might be able to help you.

If your loan is not an FHA/VA loan read these posts:

http://www.bkforum.com/showthread.php?t=36096

Luci

[TEW]

what are the receipts for? no one wants them.

[LuciluS]

what are the receipts for? no one wants them.

TEW: You asking me? If so, it is because hubby would take out extra money when he went to buy groceries for his Over The Road Truck Driving Expenses for the next week and by looking at our Bank Statement, I can't tell how much money he took out.

If we use the total of the grocery receipts for last year, not knowing how much he withdrew in cash, our Grocery Bill would average around $675.00 a month.

We are not filing until Sept. I began keeping receipts in Jan 09, so I least I will have 8 months to go by. BTW, I told hubby to Quit and he is withdrawing from an ATM. He also must keep his receipts while out in the Big Truck as one cannot expect a Truck Driver to eat all his meals brought from home in the Big Truck. Plus, he stops at Rest Areas and buys Cokes and a snack from Vending Machine. I've asked him to make out a receipt with date, time, place, what was purchased and amount for those. You would me amazed at how those add up.

Luci

[JRScott]

what are the receipts for? no one wants them.

Truck Drivers have to keep them for their taxes, my dad did truck driving for a long time you have to keep receipts for everything pretty much....fuel, food, repairs, tolls, tickets, motels, etc

[jennordhavn]

When you file, what exactly do you have to show the trustee?

How long do they look back?

My only debt is my two mortgages and I am only filing because I'm afraid that I will be sued in the future and I need to get on with my life.

If I'm under the median and this is my only debt, what would they want to see? I'm not being sued now but I don't want to get things rolling and then get sued 6 years down the road...

Thanks!

It is pretty specific to the trustee and/or district I think. I only had to provide 2 months of paystubs (plus most recent paystub after filing but before 341 meeting) and 2007 federal and state taxes. I also had to fill out a questionnaire that the trustee sent me.

[pookieny]

My lawyer gave me a checklist:

Pay stubbs for the past 6 months
Bank statements for Dec, Jan, Feb because I'm filing in March
2005, 2006, 2007, 2008 tax returns
Most recently dated billing statements
Copy of vehicle title
Proof of Insurance on vehicle
Pay off statements on vehicle loan
Copy of deed and recorded mortgage
Most recent tax bill on property
Pay off statement or monthly statements showing total owing on mortgage
TransUnion Credit Report
Certificate of Completion of Credit Counseling Course

[lrprn]

what are the receipts for? no one wants them.

Receipts are needed when you are asked by your trustee to justify higher-than-normal expenses or to prove to your trustee how you spent a large sum of cash like a tax refund before filing.

Most bk cases won't need receipts, but when you do need them to prove your filing figures or to prove legitimate living expenses, it's best to have them stashed away and quickly accessible.

[dogbone33]

Truck Drivers have to keep them for their taxes, my dad did truck driving for a long time you have to keep receipts for everything pretty much....fuel, food, repairs, tolls, tickets, motels, etc

Or just take per diem if your a company driver like my hubby.....

[NeedNewStart]

Luci,

I know it sounds NUTS to be considering BK when my ONLY debt is my two mortgages.
However... it is complicated and I see BK and my only real option.

I had to move out of the state and can't afford to pay for my mortgages and my new apartment rent. I would love to just sell the house but I owe about $310000 and it's only worth about $160000. My state allows the bank to sue me for the difference. They can wait up to 6 years to do this, so...... I can't wait for 6 years to get sued, I need to get on with my live.

I'm in no real danger of being sued any time soon, the house hasn't even gone into foreclosure yet. I'm just thinking about the future and trying to figure out the best timing. Like I said.... I need go get rid of some money before I file. I'm just having a hard time spending money when I know I really need to be saving it....

[StartingOver08]

Also, remember to check to see which state has the best exemptions for you, the one you left or the one you are in now. There are some residency requirements when you move from one place to the next.

Here is an interesting link to all kinds of bankruptcy timelines: http://www.doney.net/timeline.htm

[LuciluS]

Or just take per diem if your a company driver like my hubby.....

Attorney said Trustee would not allow Per Diem even for a company driver as my husband. Said we must have receipts.

Luci

[LuciluS]

Luci,

I know it sounds NUTS to be considering BK when my ONLY debt is my two mortgages.
However... it is complicated and I see BK and my only real option.

I had to move out of the state and can't afford to pay for my mortgages and my new apartment rent. I would love to just sell the house but I owe about $310000 and it's only worth about $160000. My state allows the bank to sue me for the difference. They can wait up to 6 years to do this, so...... I can't wait for 6 years to get sued, I need to get on with my live.

I'm in no real danger of being sued any time soon, the house hasn't even gone into foreclosure yet. I'm just thinking about the future and trying to figure out the best timing. Like I said.... I need go get rid of some money before I file. I'm just having a hard time spending money when I know I really need to be saving it....

I fully understand. I wish you Mucho Good Luck in solving your problem before you get sued.

Luci