New at this with questions

[sickandtired]

Do you have to provide anyone with copies of your checking account statements?

If you sell something large before you file and use the money to pay up your mortgage will anything be said about that?

[NoMoreCards]

You do need to provide 6 months of bank statements to the attorney. (Or I know I did). However during my 341 hearing, one of the standard questions was "Did you sell or transfer anything over 4000.00 in value over the past 6 years?" I don't know why they asked this, but they did to most debtors.
When people answered yes, they usually said it was for living expenses. So if you document what was done with the funds, if for legitimate purposes...I can't see where it would be a issue. However I do not know the facts on this, others probably have more experience in this area.

Best of luck to you.

[justplaintired]

Well what exactly did you sell and for how much and did you keep receipts showing you used the monies to pay the mortgage?

The do ask to see bank statements. So it may be a time frame thing for filing. Have you filed? If not, make sure to ask a good attorney about this, especially if it was a large chunk of cash. We sold a couple old motorcycles and when we spoke with the attorney, we disclosed this and it was included with our BK info, however we put off filing for another year and a half almost so those motorcycles no longer mattered. They were sold in the summer 07, we filed summer 09, and the amount was under $1k.

[sickandtired]

Well what exactly did you sell and for how much and did you keep receipts showing you used the monies to pay the mortgage?

The do ask to see bank statements. So it may be a time frame thing for filing. Have you filed? If not, make sure to ask a good attorney about this, especially if it was a large chunk of cash. We sold a couple old motorcycles and when we spoke with the attorney, we disclosed this and it was included with our BK info, however we put off filing for another year and a half almost so those motorcycles no longer mattered. They were sold in the summer 07, we filed summer 09, and the amount was under $1k.

We have not filed yet, still trying to get up the money to bring mortgage up to date and pay for lawyer.

I have not sold anything yet, but I have been thinking about selling an atv to use to bring the mortgage up to date. I havent done it yet. Just wanted to get some info before I decided.

[justplaintired]

Preferential payments is not allowed. So instead of using the money to pay the mortgage, maybe use the money to pay the attorney and get your mortgage current with the money you intend to use to pay him to bring the mortgage current. If that makes sense. What is your time frame for filing? Can the ATV be exempted if you decide to keep it? If not, then using the money to pay your attorney might be a better idea. We exempted our 08 tax refund by using it to pay our attorney. If you have hired or retained an attorney, ask him what he recommends, if you haven't found one yet, this might be a good time to start looking. Get all the good legal advise you can it will help you prepare you BK so all goes smoothly.

[crescentmoon]

I thought paying secured items like mortgage and car were not considered preferential payments.

KBB

[LuciluS]

I thought paying secured items like mortgage and car were not considered preferential payments.

KBB

You are correct in that a mortgage and cars are not considered preferential payments. I don't know what schedule these payments are reported on as I just had a packet from the Attorney and it stated to list all payments that exceeding $600in the past 90 days.

An ATV, if secured, most likely OP will not be able to keep as it would be considered a Luxury Item. Again tho, it's not in Stone as some Districts allow them and some don't.

OP: If you haven't please set up a few Free Consultations with several Attorneys. If you have an Attorney, please ask him about selling the ATV as he knows what will be allowable or not in your District/State.

Luci

[bkmaggster]

You are correct in that a mortgage and cars are not considered preferential payments. I don't know what schedule these payments are reported on as I just had a packet from the Attorney and it stated to list all payments that exceeding $600in the past 90 days.

An ATV, if secured, most likely OP will not be able to keep as it would be considered a Luxury Item. Again tho, it's not in Stone as some Districts allow them and some don't.

OP: If you haven't please set up a few Free Consultations with several Attorneys. If you have an Attorney, please ask him about selling the ATV as he knows what will be allowable or not in your District/State.

Luci

Payments made on secured property in the last 90 days don't go on any schedule at all.

[LuciluS]

Payments made on secured property in the last 90 days don't go on any schedule at all.

Wonder why it is in the gigantic packet our Attorney had us complete? Of course, I think he is going overboard as I had to list every credit card date opened, any purchases over $600 (date) and all Balance Transfers (date) and where the transfer went. Also had to give closing statements on properties owned or sold within the last two years.

It's frustrating as I read on this forum where people go into the Attorney's office & filing is completed right then. I dropped off the BOX last Tues. of our BK info. Going to call tomorrow and see if we will get filed by 9/30/09 as promised by our Attorney. Might not happen, as his Paralegal left about a month ago & the Atty. hired another paralegal who has no experience in BK. I so dread this filing as I fear a newbie may miss something. I will have my list of items I gave the Attorney & will take the time in his office to check list every one of them.
Luci

[want2save]

I'm In OR and my attorney asked me to bring all bank statements as of the date of filing to the 341. That was it. I had previously supplied him with my 2008 income tax return. I broughta copy of the insurance policy on my vehicles to the 341 and the Trustee asked for that and kept it, along with the bank statements. I brought the pink slips but she did not ask for those. I have purchased back my van from the BK estate, but the title never changed hands! Tomorrow my 60 days are up but she still has not taken possession of the vehicles (paid for) that I am not keeping. Anyway, I think some attornys ask for lots of things the Trustee is not even interested in! Makes for a lot of busy work and worry for some of you :-(

[frogger]

It's frustrating as I read on this forum where people go into the Attorney's office & filing is completed right then.
Luci

Yes, some do that. However, I don't think they have thought or planned things out very well. I see many people go and file bk with only a few thousand $$$ in debt. That's not thinking, or at least not thinking very far ahead.

Your attorney is there to help you, and to do a good job. I would much rather have the attorney that had ALL of my info than one that gave me a 15 minute bk job. Let's do it right, or not at all.

[sickandtired]

OP here. We have seen an attorney that was referred to us by an aquaintence. She seemed very well informed about everything and then we sat down with her paralegal and gave her all of our info they requested, tax returns, pay stubs, bills. they never asked for bank statements though. she did go over some kind of form with us and wrote down our budget. now it is just a matter of getting the mortgage caught up and paying the attorney. we are just trying to figure out how to do that so we can get filed and be finished with it. i think i have a lot of reading to do here though because im seeing things like means test that i have no clue about. the paralegal did say she would figure everything out and average everything for us so i guess thats what shes talking about?