Another quick/stupid question: Statement of Financial Affairs

[koruption]

heya all,

I'm finishing up a final sheet, Statement of Financial Affairs. I thought I had done it, but i guess not (Pacer had shown it as complete, thankfully the clerk was heads up today and actually CALLED ME saying it showed complete but they didn't have it).

So I'm filling it out...

Is it okay to, for some of the answers, do a "See Attachment A" and then attach an accounting of the items seperately?

Especially for the payments made in the previous 90 days... Yeah, it would be hard to list them all in that one short area.

Thanks guys!

[rpertusio]

Not sure... But you may be able to find an "RTF" (instead of PDF) version for your district to fill out. (An RTF version, you can just hit "Enter" or "Tab" and increase the text box area.

Also, just to be sure... you typically only should be listing payments in excess of $500 (or whatever your local amounts are) in the past 90 days. Most people may have payments, but few have a lot over $500.

- rp

[koruption]

See i thought I didn't have to list them. but the way it's worded...

List all payments on loans, installment purchases of
goods or services, and other debts to any creditor made within 90 days immediately preceding the commencement of
this case unless the aggregate value of all property that constitutes or is affected by such transfer is less than $600.

Does that mean if the services you ower for are over $600? (ie med bills, etc, what you are paying off)

Or the payments themselves added up are over 600? Or individual creditor?

[rpertusio]

See i thought I didn't have to list them. but the way it's worded...

List all payments on loans, installment purchases of
goods or services, and other debts to any creditor made within 90 days immediately preceding the commencement of
this case unless the aggregate value of all property that constitutes or is affected by such transfer is less than $600.

Does that mean if the services you ower for are over $600? (ie med bills, etc, what you are paying off)

Or the payments themselves added up are over 600? Or individual creditor?

Let's say you had a Capital One credit card with $5000 balance, and you made a payment of $740 to them within the last 90 days... you'd list it there. Let's say you also made a $350 payment to Discover credit card. You wouldn't need to list Discover, since it falls below the $600.

The purpose of this section is to figure out whether one creditor got 'special treatment'. If so, the trustee could ask for some/all of the payment back (from Capital One) and have it distributed to other creditors.

This is where it becomes tricky for 'family' loans. If you owed Mom $3000, and you paid off that 'loan' to her within 90 days, the trustee has the option to collect the $3000 from your Mom, and distribute it to other creditors.

EDIT: And don't worry... you won't have to fork up any extra cash.

- rp

[koruption]

LOL perfect, I thought it was odd they asked for that info. Fortuantely we have none then. Makes total sense now that you put it that way.

[rpertusio]

Let me illustrate 1 step further...

In the form, you'd likely list it as:

---------
Name and address of Creditor:
Capital One
PO Box
Somewhere, USA

Dates of Payments:
04/20/2010

Amount Paid:
$740

Amount Still Owing:
$5430.22
-------------


Now, if you made more than 1 payment... lets say...
American Express, you paid $310 on March 4th and $300 on April 3rd, you'd need to list it.

---------
Dates of Payments:
03/04/2010 - 04/03/2010

Amount Paid: $610
---------


Make sense? So, If the TOTAL amount of payments TO THE CREDITOR within the last 90 days is $600 or more, you list the total amount.

- rp

[koruption]

it did, ended up having a few thanks again

[tigergem]

Sorry I missed this thread, koruption. Yeah I had to list one creditor, I made three monthly payments of $200+ within the 90 days of filing, left owing $0. Since the total amount I paid that creditor was over the $600 so I listed those payments. The trustee didn't even look at it twice. I also had a transmission put in my truck, $850 left owing $0 and that didn't raise any flags with the trustee either.

[koruption]

yeah, i had to list 2 overall, one is payments on our appliances and one is an unsecured loan we had out... both got just barely over 600 (lol if i had filed 2 days later they would have been under that, by the math).

Anywho, talking with people both here and beyond, and looking at our situation when the paperwork was done... no one sees a problem. our income was less then our outgoing (due to shuffling of bills, etc... we've all been there i'm betting). And all of our posessions added up (being genorous on the numbers) well under exemption limits...

And no worries on missing the thread Tiger one cannot expect guru's/experts/etc here 24/7. All i know is that up to this point, my paperwork has been spotless and done fully, enough to impress the trustee and the clerk (who asked if I am pre-law today when i turned this last one in lol).

[tigergem]

Good for you! Here's to your continued success!