Large Deposits for Last Month

[HOMEBODY]

I had large deposits on my business account for the month of May. I filed June 2nd and claimed that I made $8,000 in self employment income which I do. Now for May, I opened a new checking account fearing that Chase would freeze my accounts and the money that was in the Chase Acct I transfered to the new bank and now its shows that I deposited $11,400.00 (I was shocked myself) for May. I dont know if when I transfered the amounts, it was the exact amounds deposited to the new account or I added additional money when I redeposited into the new account. Really messy with this BK filing and trying to protect myself against Chase since I owe them a LOT of money. I tried to do a lot of stuff with cash, but somehow did think to keep tab on the checking account. I do have over $10,000 in expenses for my rentals, business and personal.

Will the trustee ask me for my statements? Can they do a search and see how much money you have in the bank?

Thanks.

Norma

[keptdigging]

Yes the TT will ask you for statements. But why are you concerned? If you've just transferred money from one account to another to protect it, just say so. Your TT doesn't want Chase to take the money either... HE wants the money to distribute equally to all and to get his cut.

Unless I'm missing something, it would seem as simple as "these are the deposits... and this is their source." Some might represent income, but some are just transfers from a previous account. Show the money coming out of one and into the other.

And every even semi-competent attorney would advise to move your money out of a bank that you owe money to.

[HHM]

The transfer is not a big deal as Keptdigging already pointed out.

The real issue is whether you have spent the money. If the money is still there, (and there is no exemption for it), the trustee is going to take it.

[HOMEBODY]

What I am referring to is...on my petition I stated I made $8000.00 monthly income and I understand that they look at the monthly statement to figure out how much money you make a month. I know that when I was audited by the IRS, they look at your monthly deposits to figure out how much money you make. Since I already stated I made $8000.00 monthly I was concerned about when they looked at my statement and see $11,400.00. There is no money there at all right now after paying bills. On the date the BK was filed 6/2, there was probably $760 in the account.

[keepmine]

What I am referring to is...on my petition I stated I made $8000.00 monthly income and I understand that they look at the monthly statement to figure out how much money you make a month. I know that when I was audited by the IRS, they look at your monthly deposits to figure out how much money you make. Since I already stated I made $8000.00 monthly I was concerned about when they looked at my statement and see $11,400.00. There is no money there at all right now after paying bills. On the date the BK was filed 6/2, there was probably $760 in the account.

Not sure why you think this is a problem. It's not illegal to have money in an account prior to making a deposit.
Your monthly income and cash on hand are two different animals.

[keptdigging]

A deposit might be revenue and it might not--it depends on the source. Yes it might be presumed to be income if you can't show otherwise--but for a transfer you can show otherwise -- you can show the money coming out of the other account to show that it isn't revenue or income.