Discovering what debts the court can and cannot wipe out when you file for bankruptcy may surprise you. Read on to find out how this would affect you.
What Is a Discharge of Debtor? What does "Discharge in Bankruptcy" Mean? What can I Expect During Insolvency Proceedings? What is Undue Hardship? What is an Unsecured Creditor? What is a Bankruptcy Discharge? What is Chapter 7? Discussion Comments ...
Debts after bankruptcy Proof of discharge Normally you will be discharged from your bankruptcy order automatically; a consequence of this is that you will not be contacted by the courts to let you know that it has taken place. If you would like proof of your discharge you can ask your offic...
In some cases, bankruptcy fraud can include actions people don't think twice about. Did you overstate your income on a credit application and now want to eliminate or "discharge" your credit card balance in bankruptcy? Or are you considering not listing valuable jewelry on the bankruptcy propert...
is a comprehensive guide for understanding and navigating the bankruptcy process, from the time of filing through the end of the case, with the goal of receiving a discharge rather than a dismissal. Written by an attorney who has practiced and lectured on bankruptcy matters for many years, ...
One reason to file for bankruptcy is to receive a discharge, a court order saying you don’t have to pay most of your debts.4 Chapter 13 offers individuals a few advantages over liquidation under Chapter 7. Most notably, Chapter 13 lets you save your home from foreclosure. You can stop ...
Bankruptcy A lawful procedure, guided by the Bankruptcy and Insolvency Act, that allows discharge from most debts. Creditor An entity or individual to whom a debt is owed. In the context of insolvency, it refers to a person, partnership, or corporation recognized by law as having the same ri...
In a Chapter 7, the bankruptcy discharge eliminates your responsibility to repay the mortgage, which means the mortgage company cannot file a lawsuit against you to obtain the remaining balance on the loan. However, since the mortgage is a secured debt, meaning the home is collateral for the ...
Debt That Is Difficult to Discharge in Bankruptcy You cannot have income tax debt discharged without a special exemption, which can only be obtained by petitioning the bankruptcy court and explaining why you deserve relief. So if you have income tax debts that you cannot repay, then you may...
The main reason an involuntary bankruptcy might be granted is for a case in which a debtor has the ability to pay their debts but refuses to do so. It is a relatively rare form of bankruptcy. A petition for involuntary bankruptcy can only be filed under Chapters 7 or 11 of the Bankrupt...