What's the point of the 60 days?

[momof3b1g]

Ok the 341 is a meeting of the creditors. You show up, the TT is there. But no creditors show up. It feels like great nobody shows. But the creditors still have 60 days to speak up or dispute anything? WHY? DH and I think it's a stupid rule. The TT has 10 days to declare the case an asset or no asset case? If its a no asset case shouldn't it be discharged. Why should the creditors have a say?

[BornAgain]

Why should the creditors have a say?

I guess I can't think of a reason either. Yeah, why should the get two months to file an objection!





Oh.

Wait.

I guess maybe I can think of one small reason creditors get a chance to file an objection.

[momof3b1g]

I guess I can't think of a reason either. Yeah, why should the get two months to file an objection!





Oh.

Wait.

I guess maybe I can think of one small reason creditors get a chance to file an objection.

Right whats the point of the meeting of the creditors if they don't show up because they have 60 days to object anyway? The 341 is really a waste of time. I got thinking yea its over. But the worst could come if the creditors object to something.

[dingdong]

The point of the 341 is so that creditors have an opportunity to question you under oath regarding your petition.

The 60 days allows creditors, who generally don't reside near the debtor,to have their due process in objecting to the discharge of their debt if they feel they need to.

[BornAgain]

I do understand. I mean s-i-x-t-y d-a-y-s !! Why the heck so long.

In most cases* if they don't speak up and object near the outset they won't. Plenty of precident to establish that us 60-day clubers can relax and not worry.


*exception: oh, rats, I've forgotten her name -- is is Jennigirl or something like that? Horrible experience and I think it all came upon her/them right before deadlines passed.

[flnybk]

Is there a post around here where people had creditors object during the 60 days?

[jribe]

Ok the 341 is a meeting of the creditors. You show up, the TT is there. But no creditors show up. It feels like great nobody shows. But the creditors still have 60 days to speak up or dispute anything? WHY? DH and I think it's a stupid rule. The TT has 10 days to declare the case an asset or no asset case? If its a no asset case shouldn't it be discharged. Why should the creditors have a say?

there has to be some leeway for creditors. Seriously, look at the huge number of people that file for BK each year. How could a large creditor, say like BOA- get to every single 341 that they are included in?

Not realistic. So, they get a window of time to file some papers and say why they believe something shouldn't get discharged.

You just have to think about it from that standpoint.

[jribe]

Is there a post around here where people had creditors object during the 60 days?

yep. Just do a forum search for 60 day objections - or something similar. I've been reading here for about 8 months and i know i've seen at least a few..

[frustrated7]

I have been wondering that myself. I can see giving them some time to object, but I don't understand why they get so long. I also disagree with the statement that Bank of America is so large they would need extra time to file an objection...they didn't need any time at all to start calling me when I was just starting to fall behind in payments to them!

[kornellred]

The reason creditors do not attend 341 meetings is because there is nothing to gain, and it costs time and money to send representatives to them. It's an expense that is not justifiable. Unless they smell a really, really big rat - as in fraudulent debtor.
The courts can afford to allow 60 days for creditors to file objections. Nobody's in any hurry except the debtor.

[momof3b1g]

The reason creditors do not attend 341 meetings is because there is nothing to gain, and it costs time and money to send representatives to them. It's an expense that is not justifiable. Unless they smell a really, really big rat - as in fraudulent debtor.
The courts can afford to allow 60 days for creditors to file objections. Nobody's in any hurry except the debtor.

I understand what ev1 is saying. They need to change the 341 to something for the TT. Not the creditors. We had to wait weeks for the 341, now 60 days more. Then who knows how long til its officially closed. I guess its the process that seems off. The creditors stopped calling within a week. Why isn't it set up for them to object before the 341?

Oh and I want to do a count down. Did you count the day of your 341 has day 60? Or the next day? We are already 2 or 3 days into our 60 days. LOL

[BornAgain]

Oh and I want to do a count down. Did you count the day of your 341 has day 60? Or the next day? We are already 2 or 3 days into our 60 days. LOL

While your district may do things differently, in ours filers get the same letter as creditors get at the outset of the bankruptcy. It gave the date, time and place of the 341 meeting AND it had the date of the deadline for objections -- 60 days later. (I know that this date sometimes gets bumped out when trustees file objections and whatnot.)

For me, the last day for objections falls on the day before my birthday. So I think that if all goes well I'll have one terrific birthday present.

Best wishes to you on your march toward discharge.

[Floridagail]

Your notice of creditors meeting will have the exact date of last day to object on it.
My 341 meeting was Feb 10, last day was April 13.

[queenfluff]

I think that is a dumb A** rule too. Why do they get sixty days and I only get a week before I get 10 calls a day harassing me for my payment? Can I harass them to make a decision on everyone of those 60 days I have to wait for their decision?

Sure there are probably a ton of admin reasons why they do it this way but really it is because the big companies seem to have more rights to make us feel bad than they should have. It is all about making the little guy suffer and as most of us know the big companies have all the power in the world.

They don't care if you need to get on with your lives and they don't care if sit there biting all your fingernails off waiting. They don't care about the everyday situations you have to deal with. You are just a number to them and not a real person.

I think the 60 days too is to give them more time to come up with some new creative reason to object to you - and the way they operate these days I am sure they can come up with some ridiculous claim.

[momof3b1g]

While your district may do things differently, in ours filers get the same letter as creditors get at the outset of the bankruptcy. It gave the date, time and place of the 341 meeting AND it had the date of the deadline for objections -- 60 days later. (I know that this date sometimes gets bumped out when trustees file objections and whatnot.)

For me, the last day for objections falls on the day before my birthday. So I think that if all goes well I'll have one terrific birthday present.

Best wishes to you on your march toward discharge.

Oh duh, i actually forgot about the paper from the court. I was using the one from our attorney that had the 341 info.

Ok so the last day is July 10th. My brothers b-day. One week before mine. So a discharge by the 17th will be on great present.

Now what is the deadline to object to exemptions? It says 30 days after the conclusion of the meeting of creditors.