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Alternatively, the court may simply discharge the debts. This occurs underChapter 7 bankruptcy. When this occurs, the court declares that the debtor no longer has to pay back any amount of the debt, and that the creditor is unable to collect the discharged debt. ...
The end result of a typical bankruptcy case is the bankruptcy discharge, which removes the obligation of the debtor to pay his debts. If the bankruptcy court dismisses your case instead of granting you a discharge, you are not under the protection of the court and to a large degree things ...
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 official receiver to send you a letter of ...
A bankruptcy order usually lasts around a year, though this can be longer depending on how well you co-operate with your trustee. Once you’ve been discharged, most of your debts will be written off, with the exception of any debts that arise from fraudulent activity, or those that weren...
Bankruptcy is a procedure under the Bankruptcy and Insolvency Act (the “BIA”), which is designed to provide financial relief to individuals, corporations, partnerships and certain trusts with overwhelming debt burdens, by halting the legal actions of creditors (also known as a stay of proceedings...
Once a debt has been discharged, the creditor can no longer take action against the debtor, such as attempting to collect the debt or seizing any collateral. Learn more about what kind of loan debt is not alleviated when you file for bankruptcy, and what kind of debt is difficult to ...
After filing for Chapter 7 bankruptcy, the debtor received a discharge that erased their credit card debts and medical bills. The employee was discharged for insubordination and failing to meet job expectations. The court ordered the discharge of the defendant's sentence after they completed their ...
Work 1:1 with our advisors to help build a personalized financial strategy that’s built around you. Get started Declaring bankruptcy (Chapter 7, 11 or 13) stops creditor calls, wage garnishment and debt lawsuits with a court order, called an automatic stay. The process is complicated and ...
lets you create a repayment plan to repay debts over three to five years. Unlike Chapter 7, this type of bankruptcy allows you to keep your assets while making monthly payments to creditors via a trustee. Once the repayment plan is completed, any remaining eligible debt may be discharged. Th...