Schedule of BK?

[YoYo]

Hi,
This is my first post here. Bear with me. I filed BK (Ch. 7) on October 1 (in OH). B/c they are so backed up with the new law changing, they told me I probably will not have my court date until January or Feb.

So, I have three questions:

1. What is the 341 meeting? Is that for certain states only, or nationwide?

2. After my court date, how much time can I expect until I receive a discharge paper/finality?

3. What is an objections hearing? This is new to me? My attorney's office has told me many times that my case is simple and that it should remain that way. I just need to know is the objections hearing a time between the court date and the final discharge?

Thanks!!

[StaciMM]

In BK, there are a few required steps-though most are formalities. Every BK case has a 341 meeting, or meeting of creditors. This is supposed to be 30 days after filing, but due to the extra caseload some are taking alot longer if you filed in the last month or so before the deadline. At the 341, the trustee will ask questions (is the petition correct, do you expect an inheritance, does anyone owe you money, have you transferred property, etc.) and creditors would have the option of appearing to ask you questions as well. Don't panic-that rarely happens!

60 days after the 341 is the final date for creditors to object. They can really only object for certain reasons, such as you made recent charges, you had recent cash advances or balance transfers, etc. They can't object just because they want their money.

Discharge should come shortly after the deadline for objections passes. If you have a no asset case (your assets are within your exemption allowances) and you have no recent or questionable transactions, there really shouldn't be anymore to it. If you did have some questionable transactions, you will probably hear about it after the creditor contacts your attorney. They'd rather not go thru the BK court, and generally try to work things out one on one first.