What happens to a discharged debt in bankruptcy? When creditors still call after a bankruptcy discharge A bankruptcy discharge is the desired result of a bankruptcy case. It means there's a court order in your bankruptcy case that removes your debts. You no longer have to pay your creditors ...
In some situations, people may look at debt as a way to make money. Distressed debt refers to bonds being sold by companies either inbankruptcyor near to it. Earle says these bonds may pay as much as 10% more than other corporate bonds. Don't be too quick to buy these though as the...
Some of our most common questions often centre around what will happen to debt in different scenarios. For example, what happens to debt when you die? We thought this week’s blog post would be the perfect opportunity to explain how debt is dealt with during specific periods and expose some...
“Because the ongoing debt has been discharged, you don’t need to pay anything on that HELOC.”What strategies can help safeguard your HELOC from bankruptcy?There are several strategies to help you safeguard your HELOC if you find yourself heading toward bankruptcy: ...
If you owe money and are stressed out, just remember that the outcome that you're imagining is probably worse than the reality. Still, it's always helpful to know what lies ahead. What happens if you don’t pay debt? Here’s what you can expect: ...
While the bankruptcy counseling course examines your situation, your budget and your options, the post-bankruptcy course goes over concepts such as saving, budgeting and planning, money management, debt management, and making wise financial decisions. You’ll learn how to access and read your credit...
How Debt Affects Your Mental Health and Ways to Cope: Paying off debt can be a long-term endeavor if you have steep high-interest balances. But it’s important to keep things in perspective and take care of your health. What Is Auto Loan Refinancing?: Understand how refinancing your auto...
Credit card debt consolidation and bankruptcy are two very different debt relief options. Getty Images If you're dealing with mounting credit card debt, you may feel overwhelmed. After all, with several rate hikes over the last two years, there's a high probability that your minimum credit...
When you file for bankruptcy, you are seeking to eliminate or reduce the debts you owe to your creditors. Depending on whether you file for Chapter 7 or Chapter 13 bankruptcy, you may come out of the process with no debt or significantly reduced debt. Bankruptcy does not come without cost,...
the bankruptcy court can discharge certain debts, but not all types of debt. Once a debt has been discharged, the creditor can no longer take action against the debtor, such as attempting to collect the debt