Los Angeles Filers - HELP!

[serioso]

My 341 meeting is scheduled for November 15, 2005. I just received a letter this morning from the trustee assigned to my case asking for more details than I expected. It is important that I begin a dialogue and pick the brains of those Angelenos that have completed their 341 meeting or have gone through the whole process for Chapter 7 in 2005.

Please send me a private e-mail here or at serioso341 at hotmail dot com at your earliest convenience, thank you.

Best regards,

Serioso

[skincomplicity]

I live in Phoenix area .My trustee sent me a letter saying he needed paystub, 401K statement, last years taxes, bank statements, and proof of lein / title of vehicle sent to him prior to the 341. I believe this is normal practice in my area. I have read on here that others were asked for these things AT the
341 in other areas. I believe its just to verify things and so the trustee is prepared at the meeting.

[serioso]

skincomplicity,

Thank you for your kind response. I was asked to submit the following info within 10 days:

2003 and 2004 tax returns; bank statements from July 2005 to present; real estate I owned jointly with my wife anytime during the past 5 years; information if I operated a business within the past 6 years; question regarding my wife's assets.

My wife and I have been separated for the past two years and have always maintained separate financial affairs, with the exception of the house which I quitclaimed to her in 2002. The house was purchased with money from a home previously owned by her. I had my own house.

Is the trustee's request normal? Did the information I included in my filing send up any red flags?

Best regards,

Serioso

[StaciMM]

Based on my 341, I think the trustee will look a little deeper if a married couple has only one spouse filing. From what you've said I think you have nothing to worry about.

[serioso]

StaciMM,

Thanks for the support, I feel a bit better.

To all,

I am extremely anxious about the whole thing. Although my wife and I have our differences, she is a solid citizen and had nothing to do with the financial mess I got myself into. Nothing new, sudden loss of a 6 figure job, tried to finance a business venture with credit cards, borrowed from Mastercard to pay Visa, etc.

Will my wife be questioned or have to appear? I think I will drop the whole thing if that is the case. I have caused too much stress in her life already.

One last thing, I listed $500,000 in debts whereas in reality the original amount was closer to $70,000. I came up with the $500K figure by adding up the debts I knew of plus everything that showed up in my credit report from collection agencies etc. Alot of triple reporting. Would the trustee consider this a red flag? Should I clarify this to her when I submit the requested info?

Best regards,

Serioso

[Cali7]

I think $500,000 in debt, no matter what the reason, would definitely be a red flag to the trustee.

[StaciMM]

You could amend your petition-the collection accounts should be included but show a $0 balance. I believe you would only pay for an amendment if you add creditors.

And no, I don't think your wife would have to appear. You might need to show something showing that you are separated though.

[quest42]

AMENDMENT is an option...

It may cost you a small fee, like $28 in my district, but you have the option to file an amended Schedule F... Form B6 - Summary... etc... to clean up your erroneous data.

Remember, your BK filing is public info -- in PACER -- and anyone can look at it on the internet anytime they want in the next 10 years or more -- simply by paying $0.08 per page...

Maybe doing it before your 341 meeting would be a good idea?

My understanding is that you can file amendments for as many schedules as you want, whenever you like before your discharge, as long as you pay the fee each time... file them in a batch to save on fees.

Anybody else have more info?

[serioso]

To all,

Thanks for the informative responses.

I plan on amending my debt information. When I show an amount, can I show the last known balance and next to it write in "plus any interest" or should I estimate the interest and add it to the last known balance?

I'm having trouble putting together some of the data requested by the trustee in the time frame she gave me...less than 10 calendar days.

Should I request an extension from her or try to re-schedule my 341 (how does one do this)? Will the trustee think I am trying to hide something and ask for more info?

BTW, when it comes right down to it, I will meet her deadline if necessary by faxing the info.

Comments please.

Best regards,

Serioso

[quest42]

It seems like you would be rocking the boat to ask for a reschedule without a very very good reason!

It must be fairly common that the numbers are just a best estimate, not exact. I do not know what the tolerance is for errors, but it seems prudent to do your best in good faith and maybe there is a little slack, providing you are not pushing the limits. 5%? 10% 15% when do you get into the danger zone?

Does anyone know what those limits are? Are there any published standards and guidelines for trustees?

There has got to be a tradeoff between the time required to research all the numbers precisely, vs. just use the best info you can get in a reasonable time. Overall, small errors may cancel each other out in the big picture.

I had not heard from some of my creditors for many many months, so I used the best numbers I could find -- projecting from old statements and looking at my credit reports. There must be some understanding that these are just best estimates. Comments, anyone?

[serioso]

Talked to the case trustee's office today. They told me as long as I mail it on Monday the 31st, then no problem. I have most of my data ready for mailing and am starting to feel fairly confident.

The forum has been a huge help, kind of like group therapy. Thanks for all the replies and all the great posts on other threads. I am learning more each day.