Question about Wire Transfer.

[bkfdrusa]

I made a wire transfers worth $25,000 to overseas 10 months ago. Is this going to be a problem at 341 meeting?. Because I have to tell the trustee, If he asks for it. I am not trying to conceal assets. That money is for paying the loans I had overseas. I will never get that back. so, what should I tell the trustee, if he ask me for had I paid anyone more than 600 in the pat year?.
But I am concerned that he might delay my discharge or deny my BK application based on that.

Also, I sold my second car and closed my stocks account when I was unemployed and underemployed for a while. Does this become as issue at the 341 meeting?.

[JRScott]

If it was to pay bills you should have listed it in your financial disclosure form. Note that it shouldn't delay your discharge but could delay your close depending on what he decides. Whatever you do be fully honest and open in all answers you give to the trustee, remember you are under oath.

Depends, did you get fair value for the car? Where did the money go? He'll ask that. You'll want a copy of the sale.

Same with the stock account if it had any significant amount, he'll ask where the money went.

They won't necessarily be long term problems but expect them to be brought up and he could continue your 341 pending further documentation which is not unusual in such cases.

[bkfdrusa]

I am not converned about the car and stocks. I have very goos explanation for those. I am more concerned about wire transfers.

[music12]

if you can document the overseas loans, and they are not from family, then you should be fine. the forms don't even ask about such payments from more than 90 days before you file. and you said it was 10 months ago. so it shouldn't even come up, as long as you didn't pay a family member.

if it was a family member (or someone with a very close relationship to you, an "insider"), then if you haven't filed yet, wait 2 months. i think the lookback period for payments of debts to family is 1 year (though sometimes people mention 2 years and i don't know why).

[bkfdrusa]

I wired to my family member only and i filed already .My 341 is on Jul 9th. My lawyer said it's not a big deal and there is no place to list those in the forms.
We have to wait and see. My lawyer said the trustee cannot go overseas chasing the money unless someone is willing to bear his expenses. and no one will thorugh good money chasing bad money.

[music12]

what your lawyer says sounds reasonable. but, was it your family member's debt or your own debt?

[bkfdrusa]

My debt only but not under my name. But I have to pay it. and it's already paid off. It had been 10 months.

[music12]

if its your debt only then you should be ok, you just might have to explain how it happened that its not in your name. but it most likely will never come up, so try not to worry.