341 this morning

[mama2three]

First, I want to thank everyone who posts on these boards as they have been a tremendous stress relief to me over the last two months. I haven't really posted, but do read the boards daily.

My husband and I filed Chapter 7 jointly on July 31st and had our 341 meeting today. I was concerned the UST would be involved as my attorney made that seem like a definite because we were over median in Nevada by about $6,000.00. However no one appeared at our meeting and it was smooth sailing.

He asked the standard questions, our names, phone number, intentions towards our house if anyone owed us money. Then he concluded the meeting. I checked pacer tonight and he has already filed his distribution of no assets and has asked to be removed from further duties. So I guess we are in the 60 day club!

The UST did show up for one other couple who was grilled by the UST. They had filed claiming no income, had a lexus and a Hummer (Hummer with $890.00 payment). It came out as she was questioning them that they both were drawing about $3700 a month in unemployment.

As we were leaving (about 1/2 hour after they were done) we saw them sitting in the corner with their attorney and he was lamenting the serious problems they had with their case. So glad that wasn't us.

Anyways, I have two questions now that the 341 is done.

1. Our tax refunds are generally around $6,000.00 each year. Our atty exempted $2,000.00 of next year's return and said we would have to turn over the rest to the trustee. This wasn't mentioned at all by the trustee at the meeting and since he filed to be removed do we still have to provide it?

I also would like to amend my withholdings asap to reduce our refunds per our accountants recommendations. Can I do this now, or do I need to wait until discharge?

2. If the UST did not stick around and ask us questions at the 341, can we assume they won't be filing a presumption of abuse? Would we have heard something by now if they had any issues with our filing?

Sorry this is so long, and again thank you to everyone

[lrprn]

First, I want to thank everyone who posts on these boards as they have been a tremendous stress relief to me over the last two months. I haven't really posted, but do read the boards daily.

It's great to know that you've found the forums helpful - thanks for sharing!

1. Our tax refunds are generally around $6,000.00 each year. Our atty exempted $2,000.00 of next year's return and said we would have to turn over the rest to the trustee. This wasn't mentioned at all by the trustee at the meeting and since he filed to be removed do we still have to provide it?

Yes, it's possible - although typically if your trustee was going to take part of your refund next year, he/she would have made your case an asset case.

Go back and discuss this with your lawyer again to find out why your trustee made your case no asset if you were going to lose part of your 2009 refund. If it does look like that's going happen, then there are four months left to this year - take a hard look at your withholdings. You can change them now to reduce what you'll get back so at least the trustee won't get as much of your refund next year.

Frankly you should be doing this anyway - Uncle Sam makes for a bad, no-interest savings account. Here's two IRS links (one paper, one electronic) to estimate how to adjust your withholdings to get less back - http://www.irs.gov/pub/irs-pdf/p919.pdf and http://www.irs.gov/individuals/artic...=96196,00.html

I also would like to amend my withholdings asap to reduce our refunds per our accountants recommendations. Can I do this now, or do I need to wait until discharge?

You can do this now. See the links I already supplied for how to do it

2. If the UST did not stick around and ask us questions at the 341, can we assume they won't be filing a presumption of abuse? Would we have heard something by now if they had any issues with our filing?

The UST has 10 days after the 341 to file an objection. Since more than ten days has gone by and nothing has been posted to PACER, then it appears you're home free on that front.

Hang in there - so far, so good. Hope your remaining days fly by quickly and quietly to discharge!

[NewLifeAhead]

Congratulations on your easy 341 and welcome to the 60's club

It's a little late for that lawyer to be telling them how serious their problems are as he should have already known this before filing that this would be a problem. How do you explain filing as no income and still trying to keep the hummer with a 900 payment? Go figure!

There is a 10 day period after your 341 meeting where the UST or TT will file an objection if one is going to be filed. The TT is done with you.

If the TT didn't mention anything about the refund, you should be in the clear on this. For the last 3 years I was getting large refunds due to all the mortgage interest and taxes. This was clearly shown on the tax returns but our lawyer didn't exempt it, TT didn't bother to question it and we are a no asset. I was self-employed and just made minimum payroll taxes but got it all back anyways. You definitely want to reduce your witholdings as we both were giving Uncle Sam free loans.

Do a search on 'withholdings' and you should see threads already addressing this issue of when to make the changes on your number of allowances for withholding.

[kw1025]

my attorney advised me as well to take as many exemptions as possible. He recommended 9, as the presumption is that he does not want me to get a big tax return next year. My 341 is Oct 2

[mama2three]

Thanks

Thanks for the replies. I am going to have our withholdings adjusted, that money will definitely come in handy.

I am glad to have the 341 done with. The trustee was nice and even cracked a joke as we were leaving about one of the attorneys that I work for that he is friends with.