Questions for after the 341

[calco86]

Okay so we had our 341 Meeting which was good, now I am just wondering if someone has had a objection to discharge? When should I start cleaning up my credit report? I called today to NCO FIN/09 and they said one is fraudulent and I need to talk to a different department, when I got them they said everything was good an they updated my credit report?

So I sort I am wondering if someone has ever had a objection to discharge and what happened from there?

[AngelinaCat]

Any creditor can object to the discharge of his particular debt for a variety of reasons. They can only object to the discharge of their debt, not anyone esle's. Such an objection would come in the form of an Adversary Proceeding. There is a board here devoted to Adversary Proceedings. Also HHM has an excellent article and thread on the Bankruptcy FAQ board. Here are the links to his articles:

http://www.bkforum.com/showthread.php?20075-Creditor-Objections-to-Discharge-Part-I-%28how-likely-are-they-to-object-%29

http://www.bkforum.com/showthread.php?20078-Creditor-Objections-to-Discharge-Part-II-%28What-happens-if-they-object-%29

Objections to Discharges are rare, but they do happen.

Congratulations on completing your 341.

[calco86]

Okay so really, I have a couple of bank accounts that were closed of for overdrafts, some check fee's. ECT

[tcreegan]

Hi calco,

Okay so really, I have a couple of bank accounts that were closed of for overdrafts, some check fee's. ECT

These are all dischargeable unless you pulled a large amount $$ w/in 90 days of filing..

Wait a couple weeks past discharge to start cleaning up credit reports

It costs a fair chunk of change for a creditor to object and file an AP,
I wouldn't worry unless you have a big $$ debt close to the file date

Welcome to the 60 day club, heres to smooth sailing!

Tom in Colo

[frogger]

You've just had your 341, and are already concerned about cleaning up your credit report? IMO, you need to live credit free for some time and start cleaning up your credit report 6 months or so after you discharge.

For now however, just start getting on with your life. Credit should not be an issue for you at this time.

[calco86]

Well I understand but I need to get. New car... Also with a family of 6 credit is important.

[frogger]

Well I understand but I need to get. New car... Also with a family of 6 credit is important.

Right back into that same rat race..........

[researchnerd]

Well I understand but I need to get. New car... Also with a family of 6 credit is important.

Credit is neither important nor necessary, no matter what size your family is. That is an evil myth perpetuated by the banks. Having cash and savings...that's important.

Don't worry about cleaning up your credit until after your case is discharged.

[bk2009]

You've had your 341, I'd start saving like crazy and then go out and buy a car for just a few thousand dollars to get you through for now. I'd also be saving like crazy to build up a small emergency fund, start with $1k-2k, depending upon your income and your COL, that should cover any emergencies. That $1k will make you feel so much better about things. Keep saving and you can be working on the credit report at the same time, but you shouldn't have to be a slave to the credit rat race any longer. This is a fresh start, don't jump right back into the same old, same old.

[dumpinmydebt]

I'm not one these people who are judgmental when it comes to obtaining new credit, but I still say wait until after discharge to clean up your credit. And you should ideally wait 30-60 days after that way all 3 bureaus should be updated.

And if you are wanting to buy a car, you should really try to at least save up a large deposit and try to wait at least 6 months that way you can hopefully get a better interest rate. Try not to get suckered into a high interest rate because it is not going to benefit you in the long run.

I understand what you mean about needing a car, mine has been having some hiccups and we only have 1 for my husband and I. It's the only way he can get to work and we can get to school. But that is why we are saving as much as possible right now, so if anything happens we can fix it, and eventually we can get a different car(not new. I have no desire to accumulate that amount of debt right now), one that has better gas mileage.

BTW - Credit is necessary for those of us who would like to buy a house one day.

[chicagoannie]

I am SO enjoying the fact that my phone is not ringing all day long with creditor calls that I will really put off ANY credit-using for as long as possible. I head a family of 5 and my truck has 128K miles on it so I will eventually have to purchase something newer. Newer - NOT new, and I will be paying cash. I do want to own my own home again someday but hopefully time and a large down payment will get me there.

What is NCO FIN/09? Tks!