Can the trustee ask for a statement for a closed account? 13 Answers as of September 08, 2014

I made IRA contributions in 2013 and claimed it for tax purpose. Fast forward to beginning of 2014, I depleted my funds in desperate times and closed the account. (I know, big mistake.) I am worried the trustee will question and ask for documents for a closed account.

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A Fresh Start
A Fresh Start | Dorothy G Bunce
Trustees often request this information. You are required to provide it. So what?s the problem? Go to the institution and obtain a copy of these records.
Answer Applies to: Nevada
Replied: 9/8/2014
D.J. Rausa, Attorney at Law | D.J. Rausa
I think you are describing the liquidation of an IRA. The trustee may ask you to explain how much funds were taken and what you did with those funds. The trustee may ask you for the closing statement.
Answer Applies to: California
Replied: 9/8/2014
Barnhart Law Office
Barnhart Law Office | Bruce C Barnhart
Yes, the trustee and all parties in interest have the right to demand financial statements. You have the obligation to disclose certain financial transactions. Failure to disclose those transactions may be a criminal violation. You should immediately meet with your attorney to correct any incorrect information on your Statement of Financial Affairs.
Answer Applies to: Nebraska
Replied: 9/8/2014
Steele, George, Schofield & Ramos, LLP
Steele, George, Schofield & Ramos, LLP | Alan E. Ramos
Trustee's routinely ask for copies of account statements for all accounts (including those that were recently closed). You have an obligation to provide them, if asked.
Answer Applies to: California
Replied: 9/8/2014
Law Office of Lynnmarie A. Johnson
Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
Yes the trustee can ask for the statement of the closed account.
Answer Applies to: Michigan
Replied: 9/8/2014
    EDWARD P RUSSELL | EDWARD P RUSSELL
    If you close an account within one year of filing bankruptcy you must so state in the State of Financial Affairs but I don't think the trustee will request any documents concerning that account.
    Answer Applies to: Minnesota
    Replied: 9/8/2014
    Ronald K. Nims LLC | Ronald K. Nims
    The trustee has broad power to ask for any financial records, including closed accounts. However, IRAs are exempt assets and usually the trustee has no interest in exempt assets. The money that you took out of the IRA remains exempt even though now it's just cash in the bank. The issue is proving that it's IRA proceeds after it's been mixed up with your other funds.
    Answer Applies to: Ohio
    Replied: 9/8/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    There should not be any questions concerning an exempt account. There might be questions about what you did with the money once it was withdrawn. If you are concerned, see a lawyer.
    Answer Applies to: California
    Replied: 9/8/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Yes. And the Statement of financial affairs asks about it too.
    Answer Applies to: California
    Replied: 9/8/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    Sure they can ask for it but if you can show the money went to expenses then generally the trustee wont bother you too much.
    Answer Applies to: New York
    Replied: 9/8/2014
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    Absolutely the trustee can ask for whatever he wants.
    Answer Applies to: New York
    Replied: 9/8/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    He may. If so you'll have to get them.
    Answer Applies to: Nevada
    Replied: 9/5/2014
    Law Offices of Robert P. Taylor
    Law Offices of Robert P. Taylor | Robert P. Taylor
    The trustee can ask for pretty much anything he or she wants. if you use that money for legitimate living expenses I don't see a problem. However if its a large sum and you can't explain where it went there might be an issue. What is your real concern?
    Answer Applies to: California
    Replied: 9/5/2014
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