341 Objection?
Just out of curiosity, I've read a few times on this board about people saying they had their 341 meeting and only "one objection, name of creditor. what exactly does that mean? does that mean your bankruptcy petition is declined? I'm having my 341 soon and now we're worried, please help and explain.
Answer:
This means one of the creditors has an objection to discharging "their" debt, persumably for some good reason. I belive that if an objection is filed, you will go before the judge but perhaps only before the trustee. Either way, they will present their reason for the objection, you can counter and the judge or trustee will grant the objection or not based on the testimony and evidence. A few examples of when a creditor might file an objection are if the creditor sees that you took some large cash advances (generally over $1000) in the recent past or did some large balance transfers, showing preferential treatment of one creditor over another. The objection only affects the creditors claims. It does not affect the entire petition. If the court sides with the creditor, then your debt to them is not discharged, however it has no effect over any other debts owed to other creditors. the 341 meeting is a piece of cake we owed much and lots of creditors and no one appeared, sat there for hours listening to others and not one creditor came for them it only lasted a few minutes and the questions were the same for everyone. We had stressed over this for months not knowing what to expect that meeting was the easy part.
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