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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Chapter 7 filing. 341 has taken place but trustee now got 6

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Chapter 7 filing. 341 has taken place but trustee now got 6 month extension. Pro Se now although original filing was done with lawyer.

I have to make a bunch of amendments to my schedules. (A & F) adding disputed contingent real estate and also a bunch of creditors.

I also noticed that in my financial statement my earnings for last two calendar years before filing was overstated by around $$31,000. Is it important to change this as well as I can't see what difference it makes? I don't want to go overboard with changes that are not critical.

Hi JACustomer,

Where on the Bankruptcy petition were the earnings indicated?

Edited by cfortunato on 2/7/2011 at 3:08 PM EST
Customer: replied 5 years ago.

In the Statement of Financial Affairs, form B7, part 1 - Income from Employment or Operation of Business


"State the gross amount of income the debtor has received from employment, trade, or profession, or from operation of the debtor's business, including part-time activities either as an employee or in independent trade or business, from the beginning of this calendar year to the date this case was commenced. State also the gross amounts received during the two years immediately preceding this calendar year."



It is not necessary to file an amendment. All that is necessary is that you believed at the time the Bankruptcy petition was filed that the information on the petition was correct. There is no rule that states that an amendment must be filed for every error a debtor discovers after filing the petition. It is good that you are amending the Schedule A because it does not look good when assets are omitted - even if by error. However, when an error is not in the debtor's favor, this is not a problem.

If the discrepancy is discovered by the trustee, and if the trustee wants you to submit an amendment, he will tell you to do so. Otherwise you do not have to.

Edited by cfortunato on 2/7/2011 at 3:25 PM EST
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