120 days after 341 meeting

[cperman]

Hi Folks,

This is so frustrating. The UST has pushed out our date for objections until 02/20/07 even though our 341 meeting was 10/20/06. Give me a break. I want to scream. We had a non exempt asset which we gave up and they have taken it. I just don't understand why the delay!! Ugh....Thanks for letting me vent.

[SinkingFast]

The people ONE case number after us got a 60 day Extension on Friday, 12/08, before our last day for Objections and Extensions on Monday, 12/11.

I looked at their filing. They make about half the Median for their family size so I was shocked. Then I noticed they were self employed. Owned their own business. So I'm guessing that may be it.

Are you or did you own your own business??

Are you trying to discharge in excess of $100K in unsecured debt??

Were you a gambler and ran up a large amount on your CC's in the last year before filing??

That's the big 3, pretty much. One or a combination of those 3 will probably get you an Extension by the UST's Office beyond the 60 days.

[cperman]

Hi.

Thanks for the quick reply. It must be number 2. We had a lot of unsecured debt.

[SinkingFast]

Just curious,............. But how long after your last charges did you wait to file??

Did you have any "Totality of Circumstances" to consider?? Job loss with extended unemployment?? New job at significantly lower pay. Have to move for a new job?? Medical?? Loss of a family member??

Other "contributing" circumstances in your life can have an impact on the review by the UST's Office.

[sofarindebt]

what does that usually mean?

When they extend it for objections, is that creditor objections?

Great. We have about $120K of unsecured debt and most of it was racked up in 2006. About half was for gambling, but will the debts still get discharged even if you show documentation of where it all went?

Sorry to hear about your situation, keep us up to date so we know how it turns out.

[cperman]

120 days after 341 meeting

Hi,

Thanks for the replies. Yes, my wife was unemployed for a short time (she's the bread winner) for 3 months - and when she got a new job it was at 85% of her previous pay.

As far as I know, the objections could be from our creditors, our bankruptcy judge or the UST office.

I had to supply additional information (it was a lot) in November because the UST had requested it. They went back two years on every financial transaction that we did.

I know they are looking for abuse or illegal events but they won't find any. My wife and I have been married for 20 years and we have made a series of dumb financial mistakes. I could write a book on what not to do to your financial plan.

Oh well.....as painful as this delay is I am confident that it will be discharged (I hope) and all will be well.

Thanks for listening....

[FoolAndHisMoney]

What was your debt ratio to income? The amount of debt doesn't really matter. There are plenty of hi paid debtors that have over 100k of debt and lost income beyond their control. UST looks into cases with hi debts and very low income or assets since this looks like the debtor never intended on paying it back.

You will know if the creditors object. They would write a letter to your attorney if you used one. The judge doesn't really object. They just decide the final outcome if any party of interest objects.

As S.F. stated they look at the Totality of Circumstances. If you lost some household income beyond your control and didn't do anything suspicious this should go away. It will feel like it never will though, hang in there!

[cperman]

120 days after 341 meeting

Hi,

My wife's pay was 109k before she lost her job....now it's 85% of that. So our income was high we just lived beyond our means for 18 years. Sad but true.

I've looked at our credit report and every credit card company has written "included in bankruptcy" in the comment section with all zero balances. If this is the case, doesn't that mean they won't object?

Thanks in advance.