Legal Question in Bankruptcy in United States

can a chapter 13 trustee require a self-employed debtor to provide monthly profit and loss statements for the 60 month plan period post filing?


Asked on 2/16/11, 10:14 am

5 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

The trustee (and creditors in some cases) can ask for just about any information related to your finances, and obviously that can include your business. Your lawyer certainly advised you that your finances are an open book when you willingly seek bankruptcy relief.

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Answered on 2/16/11, 10:20 am
David Baker Law Office of David Baker

Yes. The trustee is concerned with the on-going feasibility of the chapter 13 plan (meaning your ability to make payments in accordance with the plan). There should not be any reason why you would not want to cooperate with the trustee.

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Answered on 2/16/11, 10:25 am
Gregory Napier Troutman & Napier, PLLC

Yes.

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Answered on 2/16/11, 10:28 am
Leanne Perez Leanne Perez, P.A.

Yes. The Trustee can ask just about anything financially-related from the debtor while the debtor is in bankruptcy.

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Answered on 2/16/11, 10:31 am
Thomas Zimmerman Zimmerman Law Office

Yup, 11 USC 1304 requires the debtor engaged in business to perform the duties specified in 11 USC 704(8) which requires periodic reports. Shouldn't be a problem if the debtor uses quality software to keep accounting. If the debtor does not use such software, he/she ought to.

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Answered on 2/16/11, 11:26 am


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