US Trustee and State Trustee Question

[backtoschool]

Yeah well I am defintely over that, so I am sure I will be in for some very close scrutiny. What a nightmare! I suppose I deseve it, though. No, make that I definitely deserve it. Borrowing tons and tons of money over the course of 18 months in a horrible economy to try to keep a failing business (a gourmet style deli of all things) afloat is pretty damned stupid.

Of course those limits are for unsecured debt. I am going to amend my post to clarify that.

You and millions of others, including fortune 50 companies, did the same thing last year. Don't beat yourself up. You are taking positive steps to deal with it all and move on.

[NSH]

All my debt is unsecured, just so you know.

Oh and just so I can get a handle on this, what exactly does "a lot of scrutiny from the US Trustee" mean in terms of my life and the impact upon it?

[backtoschool]

All my debt is unsecured, just so you know.

Oh and just so I can get a handle on this, what exactly does "a lot of scrutiny from the US Trustee" mean in terms of my life and the impact upon it?

If the US Trustee gets involved in your case you may have to produce 1000's of pages of documentation. You will have to produce credit card statements, receipts, bank statements, utility bills, etc going back as far as 3 years.

[TeacherMomma]

The UST called us "high debt" and "high income". Our consunmer debt is about 600K which includes student loans. I didn't think that was high considering what I have read here....but he did say that to me.

[NSH]

Backtoschool, I actually saved over 95% of my CC statemens as well as most of my business expenses and receipts for while I was in business. I never bothered to save my utility bills, however. Those I just paid (usually late lol) and discarded. But I am sure I could get Con Edison, Sprint, and National Grid to send me a summary of my billing for the last three years. I did not save gorceries receipts or gas, but then I don't use the car an awful lot as it is not mine.

[backtoschool]

Backtoschool, I actually saved over 95% of my CC statemens as well as most of my business expenses and receipts for while I was in business. I never bothered to save my utility bills, however. Those I just paid (usually late lol) and discarded. But I am sure I could get Con Edison, Sprint, and National Grid to send me a summary of my billing for the last three years. I did not save gorceries receipts or gas, but then I don't use the car an awful lot as it is not mine.

Bank statements and credit card statements will be the main paperwork the US trustee's office will want. And your tax returns, your paystubs, your lease agreement, cell phone bills, cable bills, etc. The local panel trustee will ask for much of this anyway, it's just the the US Trustee's office looks at it in far greater detail.

[NSH]

Well lukily I can produce all f the pertinent bank statements, particulrly for the years that I actually had money in my accounts. My statemens for the last 18 months are in a little bit of disarray, but I believeI have a lot of them. (I hope!)

How far back do you think they will go for CC statements? Most of my debt was accrued between mid 2006 and late 2007, including loans, CC debt, etc. I pretty much stopped ll my charging/borrowing activities around September of 07.

[StartingOver08]

I was high debt, mainly secured, but the debt total was $1M (no student loans) and had to provide the last 3 yrs cc statements, 2 yrs (maybe even 3 yrs don't quite remember as it has been over a yr since I filed) of bank statements and 4 yrs tax returns (corp and personal) plus 10 yrs of real estate transactions (personal purchases/sales only), plus all the other normal stuff. The higher the debt the more documentation the UST and panel trustee want to see....you will get thru it if you have your stuff.

The fact you haven't charged anything in two years is excellent for your case. Expect to be continued at least once - lajazz on here was continued several times! But he prevailed. The documents win....

[NSH]

Thanks! It will remain to see what documents I am missing when I get all my paperwork back from my ex-accountant. In the meantime, what do you mean expect to be continued? Does that mean that they will deny my petition a few times before relenting? Will I have to keep paying my lawyer over and over again if this happens, in addition to more filing fees?

[backtoschool]

Thanks! It will remain to see what documents I am missing when I get all my paperwork back from my ex-accountant. In the meantime, what do you mean expect to be continued? Does that mean that they will deny my petition a few times before relenting? Will I have to keep paying my lawyer over and over again if this happens, in addition to more filing fees?

"Continued" just means that you will have more than one 341 meeting with the local panel trustee, as he drills down into more aspects of your case.

[NSH]

Ah, okay. I thought it might mean that they dismiss my petition and I have to "continue" filing.