Ch 7 Trustee Handbook: 341 Meeting Required Statements/Questions

[brokejim]

What are the chances they will ask for a monthly profit loss sheet for 08 cause all i have is the the one on my end of year taxes i never did monthly, will i get dismissed if i only produce a yearly one (besides the previus 6 months)or does a end of year do just fine

[brokejim]

If i make on up monthly the info i could possibly put is monthly deposits and what ever payroll deductions if there is any and advertising costs i file end of year personal with wife and reduce my income with prop tax,healthcare (threw wife but i pay her back by way paying morg)end of year mileage(never kept monthly)cause i wont be able to figure it out detailed and i wouldnt trust my #s

[ansky0007]

What are the chances they will ask for a monthly profit loss sheet for 08 cause all i have is the the one on my end of year taxes i never did monthly, will i get dismissed if i only produce a yearly one (besides the previus 6 months)or does a end of year do just fine

If you are a business they will likely want a monthly breakdown. I has a sole prop business and they wanted 3 years of tax returns and bank statements for the last 12 months. They also wanted my quickbooks file for my business.

[brokejim]

if i make monthly can i just put monthly deposits and any payroll ded or does it have to list milage every month insurance cost etc

[brokejim]

I never knew i had to keep monthly one and have no quick books or anything and dont keep mileage book and realy didnt keep any cash reciepts my supply write off is 33000 and can only account for 18000(142000 gross) did you have to had them over or did they the trusty just look at it and give back

[brokejim]

Monthly one i appox what cost was, total deposits will match bankstatement but sometimes i get paid 4 or 6 weeks later and it will be made up but as long all ded and allowances add up to end of year one will that be good enough and will they get mad if its written on notebook paper in pen

[brokejim]

did they want 3 years broke down

[ansky0007]

I honestly dont know what they will request from you. I can only tell you what my trustee wanted from me for my business. I dont think it would look good for you if your business accounting is written on paper and not some sort of accounting software. They also wanted my accountant contact info but I dont have one so they took my business quickbook files which showed every transaction for my business and they wanted my matching bank statements which matched up.

If you own a business its more than just your profit and loss statements, They will also want to know if your business has any value to sell. If you have not done so already get a good lawyer who can help you through everything.

[brokejim]

Im just a self employed painter (unemployed self employed painter)i think im having emotional break down im current on all bills and got offered unsecured creid line i think i might take it im gona need to live (gona have to sell house so wife dont get screwed(all my debt not hers )Thanks for your answers sucks for me lose wife ,lose house ,lose my 2 little dogs lose my sense of value thanks again your answers are what i was looking for(not that i like them)

[kathy4530050]

If you are a business they will likely want a monthly breakdown. I has a sole prop business and they wanted 3 years of tax returns and bank statements for the last 12 months. They also wanted my quickbooks file for my business.

Ansky,

Can you tell me what state you're in? Also, if they wanted bank statements for the past 12 months, is it possible that if the income for the first 6 months was pretty good and the income for the last 6 months put you under the median, it would still be a problem?

Thanks!

[kathy4530050]

One more question . . .

If you are a business they will likely want a monthly breakdown. I has a sole prop business and they wanted 3 years of tax returns and bank statements for the last 12 months. They also wanted my quickbooks file for my business.

Ansky,

Another question: did you have employees? inventory? business assets? I am a self-employed consultant and have none of the above. I'm wondering if it's possible the trustee will will want more than 6 months of bank statements, 3 years of tax returns, and 6 months of QuickBooks files . . .