Objection question

[sofarindebt]

If I creditor objects, and a deal is worked out through the creditor and the atty, is this considered a real "objection" or is that actually just an adversial filed? I mean, does the negotiation have to be approved by the trustee, and is the trustee even notified if this happens?

Secondly, why do they want to see 60 days worth of bank statements when you file? What is the purpose?

Thanks!

[bige1030]

It's not a real "objection" or "adversarial" since the creditor won't actually file a pleading objecting to your discharge of their debt if you strike a deal with them. However, these deals often involve reaffirmation, so a reaffirmation agreement will be filed with the court.

As far as the trustee is concerned, he doesn't have to approve of it, and I don't think he's notified. But of course, the reaffirmation agreement must be filed with the court. The court has to approve of it if you file without an attorney, or in any case if you presumably can't afford the obligation.

The purpose of 60 days of bank statements is to (a) find assets, and (b) see if any questionable transfers of assets have occurred.

[CATCHMEIFYOUCAN]

Think I read somewhere if you reaffirm with the creditor but did not get approval with the courts and later down the line you are not able to complete your obligation with the creditor you could get away with not paying them off as the reaffirmation never got approved through the court! Someone correct me if I'm wrong!

CMIYC