A bankruptcy discharge is a court order issued at the end of a Chapter 7 or Chapter 13 bankruptcy proceeding. The order relieves the debtor from any obligation to repay the debts that have been discharged. Key Takeaways A bankruptcy discharge effectively erases certain debts. Creditors can no ...
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 once the court has discharged your debts. Bankruptcy discharge occurs in both Chapter 7 and Chapter 13...
Chapter 13 Bankruptcy Definition and Legal Meaning On this page, you'll find the legal definition and meaning of Chapter 13 Bankruptcy, written in plain English, along with examples of how it is used. What is Chapter 13 Bankruptcy? It is a way of filing a bankruptcy in which the law ...
Chapter 13 bankruptcyis a process that allows a debtor to seek shelter from creditors and set up a debt repayment plan while protecting their assets from liquidation. It is a common type of bankruptcy, but it's only available to individuals with sufficient income to stick with the repayment pl...
the U.S. Bankruptcy Code. It must be sent out to all creditors, who will have a chance to object to the plan. The Chapter 13 trustee may also object to the plan. If all objections are resolved or if the court overrules them, the plan will be confirmed, which means it is approved...
Chapter 13 bankruptcy: This involves creating a repayment plan to pay back a portion of your debt over a three- to five-year period. After completing the repayment plan, you may be able to have your remaining unsecured debt discharged. While Chapter 13 doesn’t provide the immediate relief ...
most commonly filed by individuals (the other is Chapter 13). In a Chapter 7 bankruptcy, many of the debtor's assets will be liquidated (sold off) by a trustee and the proceeds will be used to pay their creditors. After that, most of the debtor's remaining debts will bedischarged.4 ...
Chapter 11 bankruptcyis used by businesses to restructure debts and assets. The company continues operating and repaying creditors, typically without supervision by a trustee. Chapter 13 bankruptcyis used by people with a regular income and debts under $2,750,000 to repay their creditors ...
CHAPTER 1: What Is Bankruptcy? 来自 EBSCO 喜欢 0 阅读量: 68 作者:S Elias,L Bayer 摘要: The article offers a background information about the types of bankruptcies commonly filed by individuals, Chapter 7 and Chapter 13. The Chapter 7 filing process includes filing of some paperwork and one...
This occurs under Chapter 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. WiseGeek is dedicated to providing accurate and trustworthy information. We carefully...