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A 2004 exam is just a more detailed 341 hearing.
They can ask about anything pertaining to the case, assets, debts, income, expenses etc.
Who is bringing the exam? the trustee or a creditor?
Your ownership in the LLC is the asset.
So, they trustee can basically sell your interest, usually to the other person in the LLC
It there is no equity, then it wouldn't be sold.
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
341's are usually 5 min long, and the trustee doesn't have the time to go into depth.
The 2004 hearing allows them to do it
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.
Be sure to provide the trustee anything requested - taxes, pay advices, bank statements etc.
The trustee wants to make sure there are no further assets in the LLC, that there is no money owed to you etc.
When and if he sells we will settle up. I can disclose then, right?
You must disclose any contracts you have
oral or written
I did that and showed them the letter of agreement.
On another note, will they have been digging for other assets such as personal property, old bank accounts, etc?
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?
If you disclosed the closed accounts from the last year on your statement of financial affairs, you should be fine.
The trustee can inquire about other assets, that you still had at the time of the filing.
The trustee doesn't really want the 'junk' in the house.
they are looking for items that can be liquidated fairly easily, such as antiques, collections, furs, jewelry etc.
The exemptions you used can protect some of the stuff.
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?
You should file amendments if it was within 12months of the case being filed. - statement of financial affairs.
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