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Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2539
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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In my 2004 Exam, should I expect that they have done a lot

Customer Question

In my 2004 Exam, should I expect that they have done a lot of digging to discover assets such as personal items, old bank accounts, etc. We have been married 23 years and have a lot of "stuff", as well as closed bank accounts. Not sure what to expect.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 1 year ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

A 2004 exam is just a more detailed 341 hearing.

Terry L. :

They can ask about anything pertaining to the case, assets, debts, income, expenses etc.

Terry L. :

Who is bringing the exam? the trustee or a creditor?

Terry L. :

Your ownership in the LLC is the asset.

Customer:

Trustee

Terry L. :

So, they trustee can basically sell your interest, usually to the other person in the LLC

Terry L. :

It there is no equity, then it wouldn't be sold.

Terry L. :

The trustee can watch for preferential payments that they can get back to the bankruptcy estate, they can verify that all the assets are accounted for too

Terry L. :

341's are usually 5 min long, and the trustee doesn't have the time to go into depth.

Terry L. :

The 2004 hearing allows them to do it

Customer:

OK. I have written a letter about that, explaining my reasoning. I resigned my management in the LLC and turned over ownership to my partner.

Terry L. :

Be sure to provide the trustee anything requested - taxes, pay advices, bank statements etc.

Terry L. :

The trustee wants to make sure there are no further assets in the LLC, that there is no money owed to you etc.

Customer:

When and if he sells we will settle up. I can disclose then, right?

Terry L. :

You must disclose any contracts you have

Terry L. :

oral or written

Customer:

I did that and showed them the letter of agreement.

Customer:

On another note, will they have been digging for other assets such as personal property, old bank accounts, etc?

Customer:

I have closed all but one account as I had emptied all of them. BUt after 23 years we have a lot of household stuff. How important is that to them?

Terry L. :

If you disclosed the closed accounts from the last year on your statement of financial affairs, you should be fine.

Terry L. :

The trustee can inquire about other assets, that you still had at the time of the filing.

Terry L. :

The trustee doesn't really want the 'junk' in the house.

Terry L. :

they are looking for items that can be liquidated fairly easily, such as antiques, collections, furs, jewelry etc.

Terry L. :

The exemptions you used can protect some of the stuff.

Customer:

I closed one account early in 2012. My filing was March of this year. If that pops up, I don't want it to be a problem. Should I mention it, or let it go. Will they have found it?

Terry L. :

You should file amendments if it was within 12months of the case being filed. - statement of financial affairs.

Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2539
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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