I had my 341 today! Piece of cake! He asked the standard questions, he already knew that we had a personal injury lawsuit pending so he asked a few questions, joked around with us a little bit. He was very funny, friendly and obviously very intelligent. Initially he asked our attorney to get the details on pending medical but after he found out that the original demand was under the federal exemption amount he told attorney to forget it. None of our creditors showed up, it took maybe 2 minutes and we were done.
Everyone that went before us were asked if they had done a balance transfer in the past 60 days and if they had taken a cash advance in the past 12 months, was it over $1000, if yes what did they spend the money on,and if they own a home he asked how they arrived at the value. He did not ask us any of thoes questions, and we were one of the few that didn't need to submit additional documentation.
We got there early, glad we did or we would have missed the show! The first guy we saw, OMG! First serious question was did your business have any assets? no, This was a construction company? yes There are no tools? no What about a truck? yes so your business did have assets? no, what about the truck? yes. so yes the business had only one asset the truck? yes. Is this one of the trucks you have listed? no Did you list this truck in your schedule? no. Do you still own the truck? yes but it is not insured. But you still own it? yes How much is it worth? $5000. It went down hill fast after that. He grilled this guy for about 45 minutes. The next question was about another company he owned. Did this company have any assets? no, It was a realty company? yes Were there any rental properties involved? not any more. Eventually he found out that there were 9 multi-unit rental properties but he does not own them anymore. Where did they go? He claimed that they were all sold, burnt or foreclosed on but didn't list them as property sold or transferred in the past two years either. He said that has no business records "they were all lost in the fires", two of the buildings he had owned had burnt down and he did not have insurance and didn't get any money for any of the properties. He said to him "I am not sure whats going on with you, either you don't understand my questions, or you don't know the answers, or you know the answers and just dont want to answer me. I'm thinking it is the latter." Then they tried to go through the list of properties. At one point he said "OK now you have given me three different answers on the house on such and such street, you have said that you own it, another guy owns it, the town owns it due to back taxes, so which answer do you want to use for the record? The town ownes it. Do you still live there? yes Is your name still on the deed? yes So you still own it? yes but not outright. The trustee then asked do any of the tennants owe you rent? yes how much? over $100k Over $100k?! Remeber when I asked you earilier if anybody owed you money? That would have been a good time to tell me this. How many tenants owe you this money? I don't know. Is it more than 10? yes Is it more than 50? yes, Okay why don't you just make up a number. I think it was over 100. It was crazy how much paperwork his attorney was instructed to collect including all the paperwork on all the properties, the names of the tennants who owe him money, three years bank statements, and three years tax returns. The trustee kept looking at the guy's attorney in disbelief, he wouldn't look up just chuckle and shake his head. Everybody was laughing by the end of the show. His attorney stated that he has not been able to get a straight answer about any of the property so far either. I can't believe the trustee did not warn him that bk fraud was a crime but even he seemed to be entertained by this guy.
He moved like lightning after that guy because they were running an hour behind. Anybody who owned a business got more questions. One guy (very young) went up, the trustee said no income? no I am not working. Do you live with your parents? yes. It says here you pay $250 for rent? yes How do you pay $250 for rent if you don't have any income? My dad pays me to help him around the house. How much? I don't know maybe $300 a month. Ok if you are going to make up a story you better stick with it and told his attorney to change his schedule to reflect the $300 a month he gets from dad.
I felt bad for the couple that went just before us. They were asked alot of questions about the 90k equity they had in their home and how they arrived at the value, our attorney called us into the hallway so I couldn't hear everything that went on but at the end the trustee ordered that they have an appraisal done and he wanted to see pictures of the inside and outside of the house, they looked very sad.
Everyone that went before us were asked if they had done a balance transfer in the past 60 days and if they had taken a cash advance in the past 12 months, was it over $1000, if yes what did they spend the money on,and if they own a home he asked how they arrived at the value. He did not ask us any of thoes questions, and we were one of the few that didn't need to submit additional documentation.
We got there early, glad we did or we would have missed the show! The first guy we saw, OMG! First serious question was did your business have any assets? no, This was a construction company? yes There are no tools? no What about a truck? yes so your business did have assets? no, what about the truck? yes. so yes the business had only one asset the truck? yes. Is this one of the trucks you have listed? no Did you list this truck in your schedule? no. Do you still own the truck? yes but it is not insured. But you still own it? yes How much is it worth? $5000. It went down hill fast after that. He grilled this guy for about 45 minutes. The next question was about another company he owned. Did this company have any assets? no, It was a realty company? yes Were there any rental properties involved? not any more. Eventually he found out that there were 9 multi-unit rental properties but he does not own them anymore. Where did they go? He claimed that they were all sold, burnt or foreclosed on but didn't list them as property sold or transferred in the past two years either. He said that has no business records "they were all lost in the fires", two of the buildings he had owned had burnt down and he did not have insurance and didn't get any money for any of the properties. He said to him "I am not sure whats going on with you, either you don't understand my questions, or you don't know the answers, or you know the answers and just dont want to answer me. I'm thinking it is the latter." Then they tried to go through the list of properties. At one point he said "OK now you have given me three different answers on the house on such and such street, you have said that you own it, another guy owns it, the town owns it due to back taxes, so which answer do you want to use for the record? The town ownes it. Do you still live there? yes Is your name still on the deed? yes So you still own it? yes but not outright. The trustee then asked do any of the tennants owe you rent? yes how much? over $100k Over $100k?! Remeber when I asked you earilier if anybody owed you money? That would have been a good time to tell me this. How many tenants owe you this money? I don't know. Is it more than 10? yes Is it more than 50? yes, Okay why don't you just make up a number. I think it was over 100. It was crazy how much paperwork his attorney was instructed to collect including all the paperwork on all the properties, the names of the tennants who owe him money, three years bank statements, and three years tax returns. The trustee kept looking at the guy's attorney in disbelief, he wouldn't look up just chuckle and shake his head. Everybody was laughing by the end of the show. His attorney stated that he has not been able to get a straight answer about any of the property so far either. I can't believe the trustee did not warn him that bk fraud was a crime but even he seemed to be entertained by this guy.
He moved like lightning after that guy because they were running an hour behind. Anybody who owned a business got more questions. One guy (very young) went up, the trustee said no income? no I am not working. Do you live with your parents? yes. It says here you pay $250 for rent? yes How do you pay $250 for rent if you don't have any income? My dad pays me to help him around the house. How much? I don't know maybe $300 a month. Ok if you are going to make up a story you better stick with it and told his attorney to change his schedule to reflect the $300 a month he gets from dad.
I felt bad for the couple that went just before us. They were asked alot of questions about the 90k equity they had in their home and how they arrived at the value, our attorney called us into the hallway so I couldn't hear everything that went on but at the end the trustee ordered that they have an appraisal done and he wanted to see pictures of the inside and outside of the house, they looked very sad.
The Trustee will spend all his time on that case this week and just do the once over on yours 
, 341 Meeting: 08/12 
, Discharged: 10/16, Closed: 10/18 
) !!!! 
Comment