Bank statement question

[SunshineGal]

i guess it may depend where you are...we were never asked to provide anything in the way of additional bank statements at the 341 hearing...the trustee assessed our situation based on the 6 months we provided 2 months prior to the actual hearing. it may have been that we just were extremely consistent and there was no need, i have no clue as to why a trustee does or does not ask.

i have heard other posters say they sat in on 341's and every single person was asked to provide current bank statements. like i said..beats me...i brought current ones with me, just in case..and that is where they stayed in the case!

Sorry for the confusion...we had to show bank statements up to the date of *filing* we didn't have to show between filing and 341. I think we may have filed in the same district. My reference to the 341 was from what I *thought* after observing two hours worth of 341s. (We got there a little early and we're the last to be called in our time slot, lol)

[wnguyen]

Yes, ANOTHER question.

Reading some threads here, it appears that in a majority of cases they will want to see at least a copy of your bank statement from the month you filed. Why is this? It's not a big deal, nothing at all to hide, but I am curious as to what, exactly, they are looking for? A certain dollar amount? Too much money? Too little? I'm a little scared because now that I have ceased paying on my CCs, when the time for my attorney to file comes around (mid-January), I will actually HAVE some money in my account compared to making all of my payments and having maybe $50 and some change.

Thanks to everyone here... again!

I asked my attorney this question and she told me that the trustee wants to verify your assets (in this case is your funds in ALL of your bank accounts) on the date of your filing as well as your spending on luxury items or something like that (such as big recent withdrawals, funds transfers). If they want, they can ask for 6 months or more before the date of filing.

[tobee43]

Sorry for the confusion...we had to show bank statements up to the date of *filing* we didn't have to show between filing and 341. I think we may have filed in the same district. My reference to the 341 was from what I *thought* after observing two hours worth of 341s. (We got there a little early and we're the last to be called in our time slot, lol)

we were the FIRST!! how funny is that! although i was so scared i almost peed my pants...it was terrifying because i had never been to an actual 341....in my past training bk and family law i HATED both....wish i had paid more attention!! LOL!!!

[tobee43]

I asked my attorney this question and she told me that the trustee wants to verify your assets (in this case is your funds in ALL of your bank accounts) on the date of your filing as well as your spending on luxury items or something like that (such as big recent withdrawals, funds transfers). If they want, they can ask for 6 months or more before the date of filing.

that's what it was for us...6 months as of the ...or with the filing of the petition.

[Panacea]

I understand you might need all your past bank acount info. My question is about the date of filing, and the date of the 341. Do they ask how much money you have in your checking? Why have I heard you need to have basically nothing in your checking on those dates?

[free2breathe]

Again, the amount of money you have in bank accounts at the time of filing becomes an asset of the estate. You could lose that amount that you have in the accounts based on that rule. That is why you're always told to have your balance low at the time of filing. The amount you have in the bank at the time of the 341 isn't the question, just at the time of filing.

Now, in our case, I hope the trustee will see that because we filed by mail, the amount listed is the amount on the last business day BEFORE the paperwork was filed. We filed by mail.

[Panacea]

Thanks, so when I file next week, lets say Tuesday, I will need a copy of my bank account THAT DAY stating what is in the bank? AND....When I go to the 341 in Dec, I can have any amount in the bank? If they're looking for assets at the 341, wouldn't they want to know what I have in the bank?

[free2breathe]

At your 341, you will likely need to produce the bank statement that includes the day of filing. You *may* also be asked for other statements. In our case, we have to bring the statement that includes the date of filing and one month after filing. My guess, and it is only a guess here as we haven't had our 341 yet, is that if our statement following filing showed a large deposit (other than our payroll direct deposit), the trustee could question where that money came from, could assume we'd purposely hidden it etc. I'm going by the rule of thumb that I need to keep everything "status quo" in our account until they finally discharge us. If you are able to say, "This is why I have this amount in my account now." and it's legit and doesn't bring the trustee to the conclusion that you've tried to hide assets from him/her, then I think all would be ok.


Anyone else want to chime in here, in case my thought process isn't on the mark?

[drowningNIL]

We were never asked to show any bank statements at all so far. (A big knock on wood!) We just had our 341 last week & so far we've showed nothing but 6 mo pay stubs and 2 years of tax returns. I guess it all depends on where you live.

[backtoschool]

At your 341, you will likely need to produce the bank statement that includes the day of filing. You *may* also be asked for other statements. In our case, we have to bring the statement that includes the date of filing and one month after filing. My guess, and it is only a guess here as we haven't had our 341 yet, is that if our statement following filing showed a large deposit (other than our payroll direct deposit), the trustee could question where that money came from, could assume we'd purposely hidden it etc. I'm going by the rule of thumb that I need to keep everything "status quo" in our account until they finally discharge us. If you are able to say, "This is why I have this amount in my account now." and it's legit and doesn't bring the trustee to the conclusion that you've tried to hide assets from him/her, then I think all would be ok.


Anyone else want to chime in here, in case my thought process isn't on the mark?

This is correct. It varies by district and trustee as to how many bank statements the trustee wants to see. Also if you are over the median income you might have to show more documentation than if you are under it. I had to show a years worth of bank statements to my trustee, who looked at each deposit very closely. As with anything, ymmv.

[SunshineGal]

we were the FIRST!! how funny is that! although i was so scared i almost peed my pants...it was terrifying because i had never been to an actual 341....in my past training bk and family law i HATED both....wish i had paid more attention!! LOL!!!

You may have actually been lucky to be first! We walked in to see the US Trustee grilling a couple and then the next lady walk out in tears. Talk about almost peeing our pants, lol.

[Fallonedward]

BTS, I'm in your district. My attorney told me to have 6 months worth of bank statements and we have given him those. Did yours require the one years worth after filing and before 341? Did you have time to gather the bank statements?

This is correct. It varies by district and trustee as to how many bank statements the trustee wants to see. Also if you are over the median income you might have to show more documentation than if you are under it. I had to show a years worth of bank statements to my trustee, who looked at each deposit very closely. As with anything, ymmv.

[LookingAhead]

can I jump in here with a slightly off topic question?

I have hidden from here until we were ready to officially file as it causes me anxiety, haha, so I have forgotten some of what I knew when I was first on here all the time reading.

Can someone run a general timeline past me again as to how many days/months this whole process takes aprox.? Time between date of filing to 341 mtg. and days between mtg. to discharge?
After the 341 mtg, if everything goes well with it, there is nothing else to show and do except wait, right? Just may need additional bank statements from filing date to 341 mtg. possibly? Thanks!

[free2breathe]

Chapter 7 generally takes 3 months from the date you file.....341 is usually scheduled 30-40 days out from filing date, then the creditors have 60 days to file a complaint objecting to discharge. Of course, the saying goes, "your mileage may vary" ;)

[LookingAhead]

thank you, that's what I thought, but then I read a couple posts that made it sound like they were more like 2 months between filing date and mtg. and then someone else (not on here) mae it seem like the entire thing was done for her in just 2 months, so I questioned myself.