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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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My business partner and I have lost an arbitration to our previous

Resolved Question:

My business partner and I have lost an arbitration to our previous company. Because I would not be able to pay the award in 30days I need to file for bankruptcy or lose my licenses/current job. My previous employer realized this which is why they refused to agree to a reasonable payment schedule on settlement. How far back will the Court Appointed Trustee investigate in regards XXXXX XXXXX Loan Applications/Mortgage Apps? The reason I ask is that over the last 16 months my investment portfolio has been damaged by the market and so my financial records look materially different today than they do prior to the market correction. If the trustee does not pull old applications than I am not concerned, if they do than I need to be prepared to offrer and explanation. I apologize for being long winded. Thank you.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

A trustee will typically review at least 6 months of bank statements as well as the prior years tax returns. Although a trustee can review all prior loan applications, typically he will not unless there is a specific issue relating to the application. A common example of this is the creditor objecting to the discharge of the loan based upon false financials.
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