Bank statement question

[free2breathe]

lol, questioning myself has become a way of life!

[gamama]

Just got back from our 341 meeting -

In the hallway afterwards, our lawyer "we just had a bloodbath in there"

The trustee wants bank statements from business, personal, brokerage and any other money holding account since Nov. 1, 2008 ! Along with registers!

What is he looking for? What should I expect. The lawyer said he has never heard of a trustee asking for so much - but assured us we would be fine.
I'm freaking out!

[tcreegan]

Hi gamma,

The trustee is looking for assets. Something about your case made him/her suspicious. If you told your lawyer everything and he thinks you will be OK, hopefully all it means is a bunch of paperwork...

...as if you didn't already sacrifice a tree on this already

Tom in Colo

[tobee43]

Just got back from our 341 meeting -

In the hallway afterwards, our lawyer "we just had a bloodbath in there"

The trustee wants bank statements from business, personal, brokerage and any other money holding account since Nov. 1, 2008 ! Along with registers!

What is he looking for? What should I expect. The lawyer said he has never heard of a trustee asking for so much - but assured us we would be fine.
I'm freaking out!

tom has most likely hit the nail on the head....

i'm certain it will be fine. it's just going to be somewhat of a pain to dig it all out...but i'm certain once the trustee gets your info you'll be alright.

i do believe...or just a thought, this auditing seems to be happening more and more lately...i have mentioned it before, but perhaps the fed bk courts are attempting to deter people from filing?

[gamama]

We have not made any purchases of assets during that time or hiding cash.

Right now, today, we have $25.00 in personal checking and about 488.00 in a business account with payroll coming due - Some checks are ready to be deposited that will be about 4,000.00

I'm mostly worried about my sloppy bookkeeping! Is this something that will bite me ?

[gamama]

Oh tobee4 - why is the fed penalizing us regular people? Most people have been affected by this economy. GM just ran bk a year ago with support from taxpayers...tomorrow they will offer the biggest IPO ever and are estimating to make 20 billion in that offering

I don't have the staff in place to take care of my accounting & bookkeeping, I'm honest and HATE that my family is in such a pathetic financial situation that we are having to file bk.

[Fallonedward]

This is what I worry about at our up coming 341 in about 13 days. I know I could pull bank statements from our banks go backing a few years but I don't keep resisters (not even sure what that is, LOL)

Good luck, I really hope your lawyer is correct and it will be fine, just another bump in the road to get thru

Just got back from our 341 meeting -

In the hallway afterwards, our lawyer "we just had a bloodbath in there"

The trustee wants bank statements from business, personal, brokerage and any other money holding account since Nov. 1, 2008 ! Along with registers!

What is he looking for? What should I expect. The lawyer said he has never heard of a trustee asking for so much - but assured us we would be fine.
I'm freaking out!

[05mag]

When we filed I thought we had $20 in the checking account, unfortunately my pension check was deposited a day early and ended up with over a thousand in the account. Trustee made us an assect case and took all the money in the account less the $20. So double check and make sure the figures you put down match your bank statements!!

[daylate]

Another point to keep in mind-just because you wrote a check and deducted it from your account, if it hasn't cleared it will count as cash on hand-so for big expenses like rent/mtg,car pay, etc make sure you pay enough in advance to make sure it clears or better yet, withdraw the money and pay with a money order.That way you are sure money is out.

[tobee43]

Oh tobee4 - why is the fed penalizing us regular people? Most people have been affected by this economy. GM just ran bk a year ago with support from taxpayers...tomorrow they will offer the biggest IPO ever and are estimating to make 20 billion in that offering

I don't have the staff in place to take care of my accounting & bookkeeping, I'm honest and HATE that my family is in such a pathetic financial situation that we are having to file bk.

gamana...most likely they are only looking for "hidden" assets...large withdrawals or purchases etc...even if your books are not in perfect order, you are not being graded on your accounting ability...they just want to make certain you didn't transfer a million bucks in the accounts and distribute them....

believe me the trustee have seen everything...for 12 years while i worked another "day" job i also did taxes...lucky ME...i got the elderly people whom had a tendency to file their entire lives in brown paper bags....so when i was lucky enough to have one of those sweet little people decide to sell their ibm stock that they purchased backed in 1949 it was my task to analyze and determine the cost basis for that stock....

my point is sometimes it's just not in black and white..and some good judgment must be exercised by you. this is what i would do IF it were me...if i could not locate some of the files or documents. i would make a written accounting that i would produce. i would then provide a statement relating to the best of my ability a written affidavit notarized, swearing the facts are, to the BEST of your knowledge, known to be true and as accurate as you can recall. please...anyone that has gone through this situation please chime in, if you believe there is anything one can do, if they cannot produce certain documents??? (gamama...this is for JUST IN case you can't find everything you need).

i know it's something we all hated to do...but it's the times and not you. you can and will make it through this!!

[tobee43]

When we filed I thought we had $20 in the checking account, unfortunately my pension check was deposited a day early and ended up with over a thousand in the account. Trustee made us an assect case and took all the money in the account less the $20. So double check and make sure the figures you put down match your bank statements!!

that's terrible!!!!!! we also had our pension auto deposited...however, we would the very NEXT day withdraw everything other than what was needed for "bills".

we were only allowed to have $100 in our account.....that NEVER happened due to the pay out of the bills...so i thought, and it was just my observation that the trustee was looking more for consistency in the statements...but you just blew that theory for me!! LOL

[tobee43]

Another point to keep in mind-just because you wrote a check and deducted it from your account, if it hasn't cleared it will count as cash on hand-so for big expenses like rent/mtg,car pay, etc make sure you pay enough in advance to make sure it clears or better yet, withdraw the money and pay with a money order.That way you are sure money is out.

EXACTLY!!!! and that's what we did!